UK biotech firm Silo to open its stock market on Tuesday

The public offering of 1,000, 000 shares of its common stock at $5.00 per share will be announced on Tuesday, September 27, 2022, under the SILO trading symbol. Silo aims to identify assets to license and fund research while combining traditional therapeutics with psychedelic research for the treatment of PTSD, Alzheimer s and other neurological disorders.

The company expects gross proceeds from this offering to reach the $5,000, 000 figure, of which is estimated to be used for product development, marketing, working capital and eventual acquisitions of complementary businesses, technologies or other assets, as well as other estimated offering expenses.

The offering, which is managed solely by UK operator Laidlaw Company, is expected to close on or about September 29, 2022. The company has granted a 45 day option for the underwriter to purchase up to 150,000 shares of common stock to cover potential over-allotments.

Silo opted for a 1: 50 reverse stock split to meet Nasdaq's requirements and enter the capital market earlier this month.