Artelo Biosciences, Inc. (ARTL), a clinical-stage pharmaceutical company, on Friday announced that it entered into definitive agreements for the purchase and sale of an aggregate of 3.188 million shares and warrants to purchase up to 6.38 million shares, at a combined purchase price of $3.45 per share of common stock and accompanying warrant in a private placement.
Following the news, ARTL is down 27.80% at $7.61.
The gross proceeds from the offering are expected to be approximately $11.0 million, and the potential additional gross proceeds to the company from the warrants, if fully exercised on a cash basis, will be approximately $20.4 million.
The company intend to use the net proceeds from the offering for working capital, general corporate purposes, and the repayment of certain bridge debt.
The warrants will have an exercise price of $3.20 per share, will be exercisable upon issuance, and will expire five and one-half years from the effectiveness date.
The private placement is expected to close on or about March 30, 2026.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
ARTL has traded between $3.15 and $85.80 in the last year. The stock closed Friday's trade at $10.54.
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