Psychedelic Drug Developer Clearmind Updates Terms for Proposed $9 Million IPO (OTCMKTS:CMNDD)

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Canadian psychedelics developer Clearmind Medicine (OTC:CMND) (CMND:CA) has finalized the terms of a proposed US $9 million IPO.

Clearmind announced in a filing that it now intends to offer 1.3 million shares at the price between $6 and $8, which would fetch around $9 million at a mid-range price. Underwriters would have a 45-day option to purchase up to 188,000 additional shares.

The company plans to list its shares on the Nasdaq under the symbol CMND. Its shares are already listed on the Canadian and Frankfurt Stock Exchanges and are also traded on the OTC market under the symbol CMNDD. Aegis Capital is acting as sole bookrunner on the transaction.

In September, Clearmind said it expects to raise about $9 million by offering 1 million shares.

Vancouver-based Clearmind develops psychedelic medicines to treat conditions such as binge drinking and eating disorders. The company hopes to begin clinical testing of its lead drug candidate by the end of the year.

Clearmind performed a 1:30 reverse stock split on September 30th.