Why MindMed Stock Is Tanking Today – Mind Medicine (NASDAQ:MNMD)
Mind Medicine Inc MNMD shares are trading lower Wednesday after the company announced a proposed public offering of common shares.
MindMed said it will offer 7,058,823 common shares with accompanying warrants to purchase 7,058,823 common shares. The combined offering price to the public is $4.25.
Each common share will be sold in combination with an accompanying warrant. The accompanying warrant will be immediately exercisable with an exercise price of $4.25 per share and expires five years from the date of issuance.
MindMed expects to generate gross proceeds of approximately $30 million from the offering, which is expected to close on or around Sept. 30.
MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders.
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MNMD Price Action: MindMed is making new 52-week lows on Wednesday.
The stock was down 47.4% at $3.22 at time of publication, according to Benzinga Pro.
Photo: Gerd Altmann from Pixabay.