Psyence Biomedical enters $25M common stock purchase agreement with White Lion

Psyence Biomedical announced that it has entered into a $25M common stock purchase agreement with White Lion Capital. Psyence Biomed will have the option, but not the obligation, to sell to White Lion up to $25M in shares of common stock over a 24-month period subject to certain conditions, including a registration statement being filed and declared effective by the SEC. The price to be paid by White Lion for any shares that Psyence Biomed requires White Lion to purchase will depend on the type of purchase notice that the company delivers. For shares being issued pursuant to a Fixed Purchase Notice, the purchase price per share will be equal to 90% of the lowest VWAP of the common stock that occurs during the Fixed Purchase Valuation Period. For shares being issued pursuant to a Rapid Purchase Notice, the purchase price per share will be equal to the lowest traded price of the Common Stock on the Rapid Purchase Notice Date. There are no upper limits to the price White Lion may pay to purchase common stock from Psyence Biomed. White Lion has agreed not to engage in any manner of short selling Psyence Biomed’s shares of common stock. No warrants, derivatives, or other share classes are associated with this agreement. In consideration for entering into the agreement, Psyence Biomed has issued shares of common stock to White Lion as a commitment fee. The Purchase Agreement may be terminated by Psyence Biomed at any time, at its sole discretion, without any additional cost or penalty.