Artelo Biosciences announces $1.425M private placement financing

Artelo Biosciences (ARTL) entered into a definitive securities purchase agreement for an At-the-Market private placement for gross proceeds of approximately $1.425M. Under the terms of the agreement, Artelo will issue 136,844 shares of common stock and 93,179 pre-funded warrants, along with accompanying warrants to purchase 460,046 shares at $5.82 per share and 230,023 shares at $10.00 per share. The purpose of the offering was to provide sufficient capital for Artelo to announce clinical data regarding its two phase 1 study results for ART26.12 and a phase 2 study readout from the CAReS trial for ART27.13 as previously disclosed. In addition, the agreement provides that Artelo will use commercially reasonably efforts to use $250,000 of the net proceeds to purchase the digital currency known as SOL and the balance of the net proceeds will be used for general corporate and working capital purposes and to pay any fees and expenses in connection with the offering. The closing of the offering is expected to occur on or about June 26, 2025, subject to the satisfaction of customary closing conditions.