Anebulo Pharmaceuticals Announces Pricing of Initial Public Offering

Rhea-AI Summary

Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB) has announced its initial public offering (IPO) pricing of 3 million shares at $7.00 each, aiming for gross proceeds of approximately $21 million before costs. The offering includes a 30-day option for the underwriter to purchase an additional 450,000 shares. Trading is set to begin on Nasdaq on May 7, 2021, with the offering closing around May 11, 2021. Anebulo focuses on solutions for cannabinoid overdose and addiction, with its lead product, ANEB-001, designed to reverse overdose effects within one hour.

Positive

• The IPO aims for gross proceeds of approximately $21 million, allowing for further development and research.
• Anebulo's lead product candidate, ANEB-001, demonstrates rapid absorption and safety in clinical trials.

Negative

• The share issuance may lead to shareholder dilution.
• Market conditions and investor sentiment may affect the IPO's success.

Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB) (“Anebulo” or the “Company”), a clinical-stage biotechnology company developing novel solutions for people suffering from cannabinoid overdose and substance addiction, today announced the pricing of its initial public offering of 3,000,000 shares of common stock at a public offering price of $7.00 per share. The gross proceeds from the offering to the Company, before deducting underwriting discounts and commissions and other offering expenses payable by the Company, are expected to be approximately $21.0 million. In addition, the Company has granted the underwriter a 30-day option to purchase from the Company up to an additional 450,000 shares of common stock to cover over-allotments, if any, at the initial public offering price, less underwriting discounts and commissions.

The Company’s common stock is expected to begin trading on The Nasdaq Capital Market on May 7, 2021 under the ticker symbol “ANEB.” The offering is expected to close on May 11, 2021, subject to customary closing conditions.

The Benchmark Company, LLC is acting as sole Book Running Manager for the offering.

A registration statement on Form S-1 (File No. 333-254979) relating to the shares was filed with the U.S. Securities and Exchange Commission (the "SEC") and became effective on May 6, 2021. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained by contacting The Benchmark Company, LLC, Attn: Prospectus Department, 150 E. 58th Street, 17^th floor, New York, New York 10155 or by calling (212) 312-6700 or by emailing prospectus@benchmarkcompany.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Anebulo Pharmaceuticals, Inc.

Anebulo is a clinical-stage biotechnology company developing novel solutions for people suffering from cannabinoid overdose and substance addiction. Its lead product candidate, ANEB-001, is intended to reverse the negative effects of cannabinoid overdose within one hour of administration. Clinical trials completed to date have shown that ANEB-001 is rapidly absorbed, well tolerated and leads to weight loss, an effect that is consistent with central cannabinoid receptor type 1 antagonism.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006300/en/

FAQ

What is Anebulo Pharmaceuticals' IPO price?

Anebulo Pharmaceuticals has priced its IPO at $7.00 per share.

When will Anebulo Pharmaceuticals begin trading on Nasdaq?

Anebulo is expected to begin trading on Nasdaq on May 7, 2021.

How much does Anebulo Pharmaceuticals aim to raise from its IPO?

Anebulo aims to raise approximately $21 million from its IPO before costs.

What is the lead product candidate of Anebulo Pharmaceuticals?

Anebulo's lead product candidate is ANEB-001, designed to reverse cannabinoid overdose effects.

What type of company is Anebulo Pharmaceuticals?

Anebulo Pharmaceuticals is a clinical-stage biotechnology company.