BYND Cannasoft Public Offering Details
BYND Cannasoft Enterprises, an Israeli-based software and cannabis company, has revealed the pricing of its underwritten public offering, aiming to secure approximately $7 million in funding. The offering consists of over 116 million units priced at $0.06 each, with an alternative for pre-funded warrants at $0.0599.
Market Reaction to BYND Cannasoft Public Offering
The announcement of the public offering triggered a notable downturn in BYND Cannasoft stock performance. After closing at $0.10 on Monday, the stock plunged to $0.02 during Tuesday morning trading, reflecting investor sentiment following the offering news.
At the time of this publication, BYND Cannasoft Enterprises Inc stock (BCAN) has witnessed a decline..
BYND Cannasoft Enterprises Inc
Current Price: $0.03
Change : -0.07
Change (%): (-72.00%)
Volume: 81.6M
Source: Tomorrow Events Market Data
Offering Structure
Each unit offered in the public offering includes either one common share or a warrant to purchase a common share, along with additional warrants for future share acquisitions. Series A Warrants, priced at $0.09 per share, are immediately exercisable and expire 30 months post-issuance. Series B Warrants, also immediately exercisable, are priced at $0.102 per share and have a longer lifespan of 60 months post-issuance.
Additional Options
Aegis Capital Corp. has been granted a 45-day option to purchase additional securities to cover over-allotments, potentially augmenting the total proceeds from the offering.
Expected Timeline
The offering is slated to conclude around March 14, 2024, subject to standard closing conditions. The net proceeds from the offering will be allocated towards general corporate purposes and bolstering working capital for BYND Cannasoft.
Underwriting Details
Aegis Capital Corp. is serving as the sole book-running manager for the offering, supported by various legal counsels. The offering follows the submission of a registration statement to the U.S. Securities and Exchange Commission, which became effective on March 11, 2024. Comprehensive information about the offering will be accessible in a final prospectus on the SEC’s website.
Company Focus and Future Ventures
BYND Cannasoft is recognized for its CRM software, Benefit CRM, and is actively developing a new platform tailored to the medical cannabis industry. Additionally, the company is progressing with the EZ-G device, a therapeutic product utilizing CBD oil, pending regulatory approvals.
