Developmental-stage biopharma company Silo Pharma Inc. SILO announced the pricing of an underwritten public offering of 1,000,000 shares of its common stock at $5.00 per share, to begin trading on NASDAQ on Tuesday, September 27, 2022 under trading symbol “SILO.”
Silo’s work focuses on merging traditional therapeutics with psychedelic research for the treatment of PTSD, Alzheimer’s and other neurological disorders, while also aiming to identify assets to license and fund that research.
The company expects gross proceeds from this offering to achieve the $5,000,000 figure, of which upon deduction of underwriting discount and other estimated offering expenses, Silo intends to use for product development, marketing, working capital and eventual acquisitions of complementary businesses, technologies or other assets.
The offering, managed solely by UK operator Laidlaw & Company, is 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 an additional 150,000 shares of common stock to cover potential over-allotments.
Earlier this month, Silo opted for a 1:50 reverse stock split in order to fulfill Nasdaq’s requirements and enter the capital market.
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