Ensysce Biosciences Prices $5 Million Registered Direct Offering

08:59 AM EDT, 08/29/2024 (MT Newswires) -- Ensysce Biosciences (ENSC) said Thursday it has entered into agreements for a $5 million registered direct offering involving the sale of about 3.6 million common shares at $0.47 apiece.

The company said it has agreed to exercise warrants issued in February for the purchase of up to roughly 7.2 million shares at a lower price of $0.47 per share versus $1.06 apiece set previously.

In a concurrent private placement, Ensysce will issue unregistered Series A-3 and Series A-4 warrants to purchase up to roughly 14.4 million shares at the same price, the company said, adding that the offering will likely close around Thursday, it added.

Ensysce also said it plans to use the net proceeds to advance its TAAP and MPAR programs and for general working capital, supplementing a recent $14 million NIH grant for its PF614-MPAR program.

The company's shares were down more than 32% in recent Thursday premarket activity.

Price: 0.4200, Change: -0.21, Percent Change: -32.93