Aristotle (ARTL) Prices $6.6M Share Upsized Common Offering

Artelo Biosciences, Inc. (NASDAQ: ARTL) today announced the pricing of an underwritten public offering of units for gross proceeds of approximately $6.6 million prior to deducting underwriting discounts and commissions and offering expenses payable by Artelo Biosciences, Inc.

The offering is comprised of 8.8 million units, priced at a public offering price of $0.75 per unit, with each unit consisting of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $0.75 per share that expires on the fifth anniversary of the date of issuance. The securities comprising the units are immediately separable and will be issued separately. The closing of the offering is expected to take place on or about October 14, 2020, subject to the satisfaction or waiver of customary closing conditions.

Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager.

A total of 8,800,000 shares of common stock and warrants to purchase up to 8,800,000 shares of common stock will be issued in the offering. In addition, the Company has granted the underwriters a 45-day option to purchase up to 1,320,000 additional shares of common stock and additional warrants to purchase up to 1,320,000 shares of common stock, solely to cover over-allotments, if any, at the public offering price per unit, less the underwriting discounts and commissions.

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