Psychedelics company MindMed''s shares slide 36% premarket as it prices dilutive 7.1 million share secondary offering
Shares of psychedelics company Mind Medicine Inc. slid 35.6% in premarket trade Wednesday, after the company priced a dilutive secondary offering of 7.1 million shares. The offering priced at $4.25 a share, below the stock''s closing price Tuesday of $6.12. The company also offered an equal number of warrants, which can be used to purchase one common share. Proceeds are expected to total about $30 million. RBC Capital Markets and Cantor were lead underwriters on the deal, with Oppenheimer Co. acting as co-manager. Shares have fallen 70% in the year to date, while the SP 500 has fallen 23%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Psychedelics company MindMed''s shares slide 36% premarket as it prices dilutive 7.1 million share secondary offering
Shares of psychedelics company Mind Medicine Inc. slid 35.6% in premarket trade Wednesday, after the company priced a dilutive secondary offering of 7.1 million shares. The offering priced at $4.25 a share, below the stock''s closing price Tuesday of $6.12. The company also offered an equal number of warrants, which can be used to purchase one common share. Proceeds are expected to total about $30 million. RBC Capital Markets and Cantor were lead underwriters on the deal, with Oppenheimer Co. acting as co-manager. Shares have fallen 70% in the year to date, while the SP 500 has fallen 23%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.