Psychedelics Company MindMed Prices Public Offering Aiming To Raise $75M
Portfolio Pulse from Nina Zdinjak
Mind Medicine (MindMed) (NASDAQ:MNMD) announced a public offering of 9.29 million shares at $7.00 per share, aiming to raise $75 million. The proceeds will support R&D, working capital, and general corporate purposes. The offering is expected to close on August 12, 2024. MindMed also issued a new patent for MM120, extending IP protection through 2041. Shares traded 2.32% lower at $6.75 during Monday's pre-market session.
August 12, 2024 | 4:15 pm
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MindMed announced a public offering to raise $75M, pricing shares at $7.00 each. The funds will support R&D and corporate purposes. The stock traded 2.32% lower at $6.75 pre-market.
The announcement of a public offering often leads to a short-term decline in stock price due to dilution concerns. The 2.32% pre-market drop reflects this sentiment.
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