Skye Bioscience Inc (OTCMKTS:SKYE) Stock Continues to Trend Lower: Down 35% in a Month

Skye Bioscience Inc (OTCMKTS:SKYE) stock continues to see selling and extending its weekly loss to 14%. Moreover, the stock has lost over 35% in the past month.

Market Action

In the morning session, SKYE fell 8% to $0.0910. More than 2.15 million shares have exchanged hands, well above its average volume of 1.47 million shares. The stock opened at $0.0990 and moved in a range of $0.0900 – 0.0990.

Skye Bioscience Announces $7.0 Million Registered Direct Offering

Here are the highlights:

Skye Bioscience announced that it has entered into securities purchase agreements with several institutional investors, for the purchase and sale in a registered direct offering of 77,777,779 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 77,777,779 shares of common stock, at an effective purchase price of $0.09 per share (or common stock equivalent in lieu thereof) and associated warrant. The registered direct offering is expected to close on or about September 29, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the registered direct offering.

The warrants have an exercise price equal to $0.09 per share, will be exercisable immediately upon issuance and will expire five years from the issuance date.

The gross proceeds from the registered direct offering are expected to be approximately $7.0 million, before deducting placement agent’s fees and other offering expenses. SKYE currently intends to use the net proceeds from this registered direct offering for general corporate purposes, which may include working capital, capital expenditures, other corporate expenses, the refinancing or repayment of our existing indebtedness and acquisitions of complementary products, product candidates, technologies, or businesses.