Development-stage biopharmaceutical company Silo Pharma Inc. SILO announced the price of a contract taken out public offering of 1,000,000 common shares at $5.00 per shareto begin trading on the NASDAQ on Tuesday, September 27, 2022 under the trading symbol “SILO”.
Silo’s work focuses on fusing traditional therapies with psychedelic research for the treatment of PTSD, Alzheimer’s disease and other neurological disorders, while to identify assets to authorize and fund this research.
The company expects gross proceeds from this offering to reach $5,000,000which, after deducting the subscription discount and other estimated offering expenses, Silo intends to use for product development, marketing, working capital and eventual acquisitions of businesses, technologies or other complementary assets.
The offer, managed solely by UK operator Laidlaw & Companyis expected to close on or about September 29, 2022. In addition, the company has granted a 45-day option to the underwriter to purchase up to 150,000 additional common shares to cover potential over-allotments.
Earlier this month, Silo opted for a Reverse stock split at 1:50 in order to meet Nasdaq requirements and enter the capital market.