Artelo Biosciences (ARTL) filed a registration statement late Tuesday with the US Securities and Exchange Commission for the offer and resale of up to 9.8 million shares of its common stock by certain selling stockholders.
The company will not receive any proceeds from the resale of these shares, but it may receive up to $21.5 million from the cash exercise of the warrants and the placement agent warrants.
Artelo Biosciences plans to use any proceeds from warrant exercises for working capital, general corporate purposes and repayment of certain bridge debt.
Shares fell nearly 4% in recent after-hours trading.
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