Bright Minds Biosciences (DRUG, Financial) has seen its stock price surge dramatically, rising 52 times over the past five trading days and setting a new all-time high. Recently, the stock soared over 165%, reaching $57.72.
The surge follows the company's announcement of a private placement of common shares at $21.70 each. This non-brokered private placement also includes the issuance of prepaid company warrants (PFWs) priced at $21.699 each. The total gross proceeds from these offerings amount to $35 million.
The company retains the discretion over the number of shares and PFWs to be issued. The stock offering and the warrant issuance together comprise the financing package.
