Shares of psychedelics company Mind Medicine Inc. MNMD, +6.43% slid 35.6% in premarket trade Wednesday, after the company priced a dilutive secondary offering of 7.1 million shares. The offering priced at $4.25 a share, below the stock’s closing price Tuesday of $6.12. The company also offered an equal number of warrants, which can be used to purchase one common share. Proceeds are expected to total about $30 million. RBC Capital Markets and Cantor were lead underwriters on the deal, with Oppenheimer & Co. acting as co-manager. Shares have fallen 70% in the year to date, while the S&P 500 SPX, -0.21% has fallen 23%.
