Artelo Biosciences, Inc. (ARTL), a company developing proprietary therapeutics that modulate lipid-signaling pathway, announced it has entered into definitive agreements for a private placement priced at-the-market under Nasdaq rules. The news sent the shares soaring, with the stock skyrocketing more than 300% in recent trading.
The financing involves the sale of 3,188,407 shares of common stock together with warrants to purchase up to 6,376,814 shares of common stock. The combined purchase price is $3.45 per share and accompanying warrant. The warrants, exercisable immediately at $3.20 per share, will expire five and a half years from the effectiveness date of the resale registration statement.
Gross proceeds from the offering are expected to be approximately $11.0 million, before deducting placement agent fees and expenses. If all warrants are exercised on a cash basis, Artelo could receive an additional $20.4 million. H.C. Wainwright & Co. is acting as the exclusive placement agent.
The company intends to use the net proceeds for working capital, general corporate purposes, and repayment of certain bridge debt. The closing of the private placement is expected on or about March 30, 2026, subject to customary conditions.
The company recently implemented 1-for-3 reverse stock split on March 9, 2026.
ARTL is currently trading at $12.78, up 300%.
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