10:00 AM EDT, 09/17/2025 (MT Newswires) -- Enveric Biosciences ( ENVB ) said Wednesday it expects to receive gross proceeds of about $2.2 million from the exercise of certain warrants to buy up to roughly 2.4 million common shares at a reduced exercise price of $0.915 per share.

The warrants were originally issued in February, having an exercise price of $3 per share, the company said.

Enveric said that in consideration for the immediate exercise of the warrants for cash, it will issue new warrants to buy up to more than 4.8 million common shares at an exercise price of $0.915 per share.

The company said the net proceeds from the private placement of the new warrants, expected to close on or about Thursday, will be used for product development, working capital and general corporate purposes.

Enveric shares were down 30% in recent trading.

Price: 0.64, Change: -0.28, Percent Change: -30.05