MindMed stock trading lower after public offering

The MNMD shares of Mind Medicine Inc. are trading lower Wednesday after the company announced a proposed public offering of common shares.

MindMed will offer 7,058, 823 common shares with accompanying warrants to purchase 7,058, 823 common shares. The combined offering price to the public is $4.25.

The common share will be sold together with an accompanying warrant. The warrant will be immediately exercisable with an exercise price of $4.25 per share and will end five years from the date of issuance.

The offering is expected to close on or around Sept. 30 and MindMed expects to generate gross proceeds of approximately $30 million.

MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders.

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MNMD Price Action: MindMed is making new 52 week lows on Wednesday.

The stock was down 47.4% at $3.22 at the time of publication, according to Benzinga Pro.