Bright Minds Biosciences surges on stock-and-warrant offering

Bright Minds Biosciences

24/08/2022 14:20

** U.S.-listed shares of Bright Minds Biosciences Inc
 DRUG.O  surge 58% to $2.09 - biggest gainer across U.S. stock
exchange premarket
    ** Co reported late Tuesday it plans to raise about $4 mln
to be used for the development of its preclinical and clinical
drug candidates  urn:newsml:reuters.com:*:nGNX1Wm6qY
    ** DRUG said it would sell about 2.9 mln of its units at
$1.40 per unit; each unit comprises one common share and one
warrant of the company 
    ** Adds that each warrant will entitle the holder to
purchase one share at an exercise price of $1.76 for a period of
24 months from the closing date
    ** Co currently has 12.11 mln outstanding shares and 6.54
mln free float; co's shares last closed at $1.33
    ** Up to Tuesday's close, stock lost ~58% this year

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))