Mind Medicine (NASDAQ:MNMD) has entered an underwriting agreement with Leerink Partners and Evercore Group for an underwritten public offering of 9.3 million common shares and pre-funded warrants to purchase an additional 1.4 million shares
Priced at $7 per common share and $6.999 per pre-funded warrant, the offering is projected to generate net proceeds of approximately $70 million.
These funds are earmarked for research and development efforts, bolstering working capital, and covering general corporate expenses, according to the company's statement.
As of June 30, 2024, MindMed reported holding about $243.1 million in cash and equivalents, positioning the company well for future investment and growth.
The offering is expected to close on August 12, 2024, subject to the satisfaction of customary closing conditions.