Bynd Cannasoft nasdaq Bcan Stock Tumbles Amid Pricing of Public Offering

BYND Cannasoft (NASDAQ: BCAN) Stock Tumbles Amid Pricing of Public Offering

BYND Cannasoft Enterprises (NASDAQ: BCAN) stock plummeted over 70% on Tuesday after the company announced the pricing of its underwritten public offering.

BYND Cannasoft (BCAN) has announced pricing details of its underwritten public offering to secure around $7 million before accounting for fees and expenses. 

The offering comprises over 116 million units, each priced at $0.06, with an option for pre-funded warrants at $0.0599. Each unit sold in the offering grants investors one common share or a warrant for purchasing a common share, accompanied by additional warrants enabling the acquisition of more shares at future dates.

The Series A Warrants, exercisable immediately at $0.09 per share, expire 30 months post-issuance. Meanwhile, Series B Warrants, also immediately exercisable, are priced at $0.102 per share and have an extended lifespan, expiring 60 months after issuance.

Aegis Capital Corp. has been granted a 45-day option to acquire additional securities to cover over-allotments, potentially increasing the total proceeds generated from the offering.

The expected closing date for the offering is around March 14, 2024, subject to meeting standard closing conditions. BYND Cannasoft plans to funnel the net proceeds into general corporate purposes and bolster working capital.

Aegis Capital Corp. acts as the exclusive book-running manager for the offering, supported by multiple legal counsels to facilitate the transaction execution.

BYND Cannasoft (NASDAQ: BCAN) Stock Price Action

BCAN stock plunged 70.50% to close at $0.03 on Tuesday. The traders had exchanged hands with 129,197,056 (129.19 million) shares compared to the average daily trading volume of 708.13K.