Neural Therapeutics Inc. (Neural), a company specializing in the discovery and development of ethnobotanical drugs, has successfully completed its rights offering. The offering came to an end on July 7, 2023, resulting in the issuance of 5,595,992 common shares at a price of $0.03 per share. This generated a total of approximately $167,880 in gross proceeds for Neural.
The funds raised from the rights offering will be utilized to strengthen Neural's financial position and support its mission of addressing mental health and addiction issues. In addition to this offering, the company is also in the process of conducting a concurrent private placement and welcomes participation from accredited investors.
It is worth noting that no directors, officers, or insiders of Neural participated in the rights offering by purchasing shares. Furthermore, there were no new shareholders identified who held more than 10% of the company's shares following the conclusion of the offering.