Benzinga | Feb 17, 2021 09:27AM EST

Neptune Wellness Solutions Inc. Announces $55M Registered Direct Offering Priced At-The-Market Under Nasdaq Rules; 27.5M Shares At $2/Share

LAVAL, QC, Feb. 17, 2021 /PRNewswire/ - Neptune Wellness Solutions Inc. ("NEPT" or the "Company") (NEPT), a diversified and fully integrated health and wellness company focused on natural, plant-based, sustainable and purpose-driven lifestyle brands, today announced it has entered into definitive agreements with institutional investors for the purchase of 27,500,000 common shares. The Company has also agreed to issue to the investors, in a concurrent private placement, unregistered common share purchase warrants (the "Warrants") to purchase an aggregate of 6,875,000 common shares. Each common share and accompanying quarter of a Warrant are being sold together at a combined offering price of US$2.00, pursuant to a registered direct offering, priced at-the-market under Nasdaq rules, for aggregate gross proceeds of approximately US$55.0 million before deducting fees and other estimated offering expenses (the "Offering"). The Warrants will have an exercise price of US$2.25 per share, will be exercisable commencing on the six month anniversary of the date of issuance, and will expire 5.5 years from the date of issuance.