Skye Bioscience announces $50M private placement (OTCMKTS:SKYE)

▤ Summary

Clinical stage biotechnology company Skye Bioscience (OTCQB:SKYE) entered into a securities purchase agreement for the sale of (i) 11.82M shares at $2.305 per share and (ii) to certain investors, in lieu of common stock, pre-funded warrants to purchase up to 9,978,739 shares at a price of $2.3049 per pre-funded warrant in a private placement.Gross proceeds from the PIPE are expected to be $50.25M.The PIPE financing is expected to close on January 31, 2024.The company expects the PIPE financing net proceeds to fund its operations into early 2026 through a set of key milestones and operations.

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