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Psyence Biomedical Ltd. (NASDAQ:PBM) ("Psyence Biomed" or the "Company") today announced that it has entered into a $25 million common stock purchase agreement (the "Purchase Agreement") with White Lion Capital, LLC, ("White Lion") a California-based institutional investor focused on high-growth, early-stage public companies.
Psyence Biomed will have the option, but not the obligation, to sell to White Lion up to $25.0 million in shares of common stock over a 24-month period subject to certain conditions, including a registration statement being filed and declared effective by the SEC.
The price to be paid by White Lion for any shares that Psyence Biomed requires White Lion to purchase will depend on the type of purchase notice that the Company delivers. For shares being issued pursuant to a Fixed Purchase Notice, the purchase price per share will be equal to 90% of the lowest VWAP of the common stock that occurs during the Fixed Purchase Valuation Period. For shares being issued pursuant to a Rapid Purchase Notice, the purchase price per share will be equal to the lowest traded price of the Common Stock on the Rapid Purchase Notice Date. There are no upper limits to the price White Lion may pay to purchase common stock from Psyence Biomed.
Posted In: PBM
