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BYND Cannasoft secures $7 million in public offering

Published 15/03/2024, 00:30
© Reuters.
BCAN
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ASHKELON, Israel and VANCOUVER, British Columbia - BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) (CSE:BYND), an integrated software and cannabis company, has successfully completed a public offering, raising approximately $7 million before fees and expenses. The offering included 116,666,667 units, each comprised of a common share or a pre-funded warrant to purchase one common share, one Series A Warrant, and two Series B Warrants.

The units were priced at $0.06 each, with pre-funded warrants set at $0.0599, allowing for immediate exercise. Series A Warrants, exercisable at $0.09 per share, and Series B Warrants, exercisable at $0.102 per share, are valid for 30 and 60 months post-issuance, respectively.

Aegis Capital Corp., the sole book-running manager for the offering, was granted a 45-day option to buy additional securities to cover over-allotments, which they partially exercised on Thursday by purchasing 52,500,000 Series A and Series B Warrants.

The net proceeds are earmarked for general corporate purposes and working capital. This move is a part of the company's broader strategy to develop a new CRM platform tailored to the medical cannabis industry and to potentially commercialize the EZ-G device, a patent-pending therapeutic device for women's health, pending regulatory approvals.

BYND Cannasoft's portfolio includes "Benefit CRM," a software aimed at optimizing various business functions for small and medium-sized enterprises. The company is leveraging its two decades of experience in CRM software to make strides in the medical cannabis sector.

The offering was conducted via a prospectus, filed and available on the SEC's website, following the effectiveness of a registration statement by the SEC on March 11, 2024. The completion of this public offering is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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