Enveric Biosciences Pronounces Train of Warrants and Issuance of New Warrants in a Non-public Placement for $1.8 Million Gross Proceeds Priced At-the-Market

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december 29, 2023

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by Enterprise Wire

Revealed Dec 29, 2023 • 4 minute learn

CAMBRIDGE, Mass. — Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Firm”), a biotechnology firm devoted to the event of novel neuroplastogenic small-molecule therapeutics for the therapy of melancholy, nervousness, and dependancy issues, immediately introduced it has entered into agreements with sure holders of its current warrants exercisable for 1,122,000 shares of the Firm’s frequent inventory, within the mixture, to train their warrants at a lowered train worth of $1.37 per share, in change for brand spanking new warrants as described under. The mixture gross proceeds from the train of the prevailing warrants is anticipated to whole roughly $1.8 million, earlier than deducting monetary advisory charges. The discount of the train worth of the prevailing warrants and the issuance of the brand new warrants was structured as an at-market transaction beneath Nasdaq guidelines.

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Roth Capital Companions is appearing because the Firm’s monetary advisor for this transaction.

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The shares of frequent inventory issuable upon train of the warrants are registered pursuant to a registration assertion on Kind S-3 (File No. 333-257690) which was declared efficient by the Securities and Change Fee (SEC) on July 9, 2021 and a registration assertion on Kind S-3 (File No. 333-266579) which was declared efficient by the SEC on August 11, 2022.

In consideration for the speedy train of the warrants for money and the cost of $0.125 per share underlying the brand new warrants, the exercising holders will obtain new warrants to buy shares of frequent inventory in a personal placement pursuant to Part 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The brand new warrants might be exercisable into an mixture of as much as 2,244,000 shares of frequent inventory, at an train worth of $1.37 per share and have a time period of train equal to 5 years. The securities supplied within the non-public placement haven’t been registered beneath the Securities Act, or relevant beneath state securities legal guidelines. Accordingly, the securities will not be supplied or offered in the US besides pursuant to an efficient registration assertion or an relevant exemption from the registration necessities of the Securities Act and such relevant state securities legal guidelines. As a part of the transaction, the Firm has agreed to file a resale registration assertion on Kind S-3 with the Securities and Change Fee inside 10 days of the closing to register the resale of the shares of frequent inventory underlying the brand new warrants issued within the non-public placement.

This press launch doesn’t represent a proposal to promote or the solicitation of a proposal to purchase these securities, nor shall there be any sale of those securities in any jurisdiction through which such provide, solicitation or sale can be illegal previous to the registration or qualification beneath the securities legal guidelines of any such jurisdiction.

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology firm devoted to the event of novel neuroplastogenic small-molecule therapeutics for the therapy of melancholy, nervousness, and dependancy issues. Leveraging its distinctive discovery and improvement platform, Psybrary™, Enveric has created a sturdy mental property portfolio of recent chemical entities for particular psychological well being indications. Enveric’s lead program, the EVM201 Sequence, contains subsequent era artificial prodrugs of the energetic metabolite, psilocin. Enveric is creating the primary product from the EVM201 Sequence – EB-373 – for the therapy of psychiatric issues. Enveric can be advancing its second program, the EVM301 Sequence, anticipated to supply a first-in-class, new strategy to the therapy of difficult-to-address psychological well being issues, mediated by the promotion of neuroplasticity with out additionally inducing hallucinations within the affected person. Enveric is headquartered in Naples, FL with places of work in Cambridge, MA and Calgary, AB Canada. For extra data, please go to www.enveric.com.

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Ahead-Wanting Statements

This press launch comprises forward-looking statements and forward-looking data throughout the that means of relevant securities legal guidelines. These statements relate to future occasions or future efficiency. All statements aside from statements of historic truth could also be forward-looking statements or data. Typically, forward-looking statements and knowledge could also be recognized by way of forward-looking terminology akin to “plans,” “expects” or “doesn’t anticipate,” “proposed,” “is anticipated,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “doesn’t anticipate,” or “believes,” or variations of such phrases and phrases, or by way of phrases or phrases which state that sure actions, occasions or outcomes might, may, would, or may happen or be achieved. Ahead-looking statements might embrace historic statements and statements concerning beliefs, plans, expectations, or intentions concerning the long run and are based mostly on the beliefs of administration in addition to assumptions made by and knowledge at present out there to administration. Precise outcomes may differ materially from these contemplated by the forward-looking statements because of sure components, together with, however not restricted to, the power of Enveric to: perform profitable medical applications in Australia; obtain the worth creation contemplated by technical developments; keep away from delays in deliberate medical trials; set up that potential merchandise are efficacious or secure in preclinical or medical trials; set up or preserve collaborations for the event of therapeutic candidates; receive acceptable or mandatory governmental approvals to market potential merchandise; receive future funding for product improvement and dealing capital on commercially affordable phrases; scale-up manufacture of product candidates; reply to modifications within the dimension and nature of rivals; rent and retain key executives and scientists; safe and implement authorized rights associated to Enveric’s merchandise, together with patent safety; determine and pursue various routes to seize worth from its cannabinoid medical improvement pipeline property; proceed as a going concern; and handle its future progress successfully.

A dialogue of those and different components, together with dangers and uncertainties with respect to Enveric, is about forth in Enveric’s filings with the Securities and Change Fee, together with Enveric’s Annual Report on Kind 10-Ok and its Quarterly Experiences on Kind 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as required by regulation.