Artelo Biosciences Inc (NASDAQCM:ARTL) stock dipped -6.06% and closed at 4.65. The stock opened the session at $4.95 and touched its highest price point at $4.95. Its recent trading capacity is 274564 shares versus to its average trading volume of 2256 shares. The company’s stock’s lowest price point for the session stood at $4.21.ARTL traded as low as $ 0.27 in the past 52 weeks, and shares hit its peak level to $4.95.
Artelo Biosciences (NASDAQCM:ARTL), a clinical-stage biopharmaceutical company with a portfolio of novel therapeutic candidates targeting the endocannabinoid system, released the pricing of its public offering of 1,300,813 units at a price to the public of $6.15 per unit. Each unit issued in the offering consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $6.4575 per share. No units will be issued. The common stock and warrants are immediately separable from the units and will be issued separately. The common stock and warrants are expected to begin trading on the Nasdaq Capital Market on June 21, 2019, under the symbols “ARTL” and “ARTLW,” respectively. Artelo Biosciences expects to receive gross proceeds of $8.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. In connection with the offering, the Company has effectuated a reverse split of its common stock at a ratio of 1-for-8.
Artelo Biosciences has granted the underwriters a 45-day option to purchase up to 195,121 additional shares of common stock, or warrants, or any combination thereof, at the public offering price to cover over-allotments, if any. The offering is expected to close on June 25, 2019, subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running manager for the offering. Joseph Gunnar & Co., LLC is acting as co-manager for the offering.
The offering is being conducted pursuant to the Company’s registration statement on Form S-1 (File No. 333-230658) previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.
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