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Psychotropic drug developer Lucy Scientific Discovery (LSDI) has updated terms for a downsized proposed $8M initial public offering.
Lucy said that it is now planning to offer 2M shares priced at an assumed price of $4 per share, a number that could likely change. Underwriters would be given a 45-day option to buy up to $300K additional shares.
WestPark Capital is serving as sole bookrunner. The company hopes to list its shares on Nasdaq under the symbol LSDI.
In November, Lucy said in a filing that it was looking to raise around $10M.
Based in British Columbia but incorporated in the US, Lucy aims to be a developer and manufacturer of drug ingredients for the emerging psychotropic drug industry. The company also provides contract research services.
Lucy has been approved in Canada to produce several psychotropic drugs including LSD, MDMA and psilocybin, which are being researched as possible treatments for psychiatric disorders.
In November, fellow Canadian psychedelic drug developer Clearmind (CMND) uplisted its shares to Nasdaq and raised $8M through a US IPO.
Image and article originally from seekingalpha.com. Read the original article here.