ASHKELON, Israel and VANCOUVER, British Columbia - BYND Cannasoft Enterprises Inc. (Nasdaq:BCAN) (CSE:BYND), an Israeli-based software and cannabis company, has announced the pricing of its underwritten public offering, aiming to raise approximately $7 million before fees and expenses. The offering comprises over 116 million units at a price of $0.06 each, with an alternative for pre-funded warrants at $0.0599.
Each unit sold in the offering includes one common share or a warrant to purchase a common share, along with additional warrants to buy more shares at future dates. The Series A Warrants have an exercise price of $0.09 per share, are exercisable immediately, and expire 30 months post-issuance. Series B Warrants, also immediately exercisable, are priced at $0.102 per share and have a longer lifespan, expiring 60 months after issuance.
Aegis Capital Corp. has been given a 45-day option to purchase additional securities to cover over-allotments, potentially increasing the total proceeds.
The offering is expected to close around March 14, 2024, contingent on standard closing conditions. BYND Cannasoft intends to use the net proceeds for general corporate purposes and working capital.
Aegis Capital Corp. is serving as the sole book-running manager for the offering, with various legal counsels assisting both the company and Aegis.
The offering follows a registration statement filed with the U.S. Securities and Exchange Commission, which became effective on March 11, 2024. Details of the offering will be available in a final prospectus on the SEC's website.
BYND Cannasoft is known for its CRM software, Benefit CRM, and is developing a new platform tailored to the medical cannabis industry. Additionally, the company is working on the EZ-G device, a therapeutic product utilizing CBD oil, pending regulatory approvals.
This news is based on a press release statement and provides information about the company's offering without suggesting investment actions.
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