Nemus Bioscience, Inc. (OTCQB: NMUS) is engaged in the production, development, and commercialization of cannabinoid (CBD)-based treatments. Shares of the CBD biopharmaceutical company are diving 42.45%, during early morning trading on Wednesday, October 26, 2016. Over the past three months, Nemus Bioscience, Inc. has seen average daily volume of 19,543 shares. However, the company has seen volume of nearly 696,600 shares or dollar volume of $550,314, during early trading on Wednesday.
Shares of Nemus Bioscience, Inc. are selling off Wednesday, after the company announced it has officially entered into a Securities Purchase Agreement. The agreement will feature the sale of 500 shares of preferred stock and will produce gross proceeds of $500,000. Under the terms of the offering, each preferred stock will be able to be converted into common shares, with a conversion price of $0.40 per share. Here is the complete press release from Nemus Bioscience, Inc.:
Nemus Bioscience, Inc. Press Release:
COSTA MESA, CA / ACCESSWIRE / October 26, 2016 / NEMUS Bioscience, Inc. (NMUS) today announced that it entered into a Securities Purchase Agreement with certain purchasers for the sale of 500 shares of Preferred Stock for gross proceeds of $500,000. Each share of preferred stock is convertible into shares of common stock at a conversion price of $0.40 per share. We have agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the shares of common stock underlying the Preferred Stock. Roth Capital Partners has acted as the exclusive placement agent for the transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws. The offering is expected to be consummated by August 21, 2015, subject to customary closing conditions.
ABOUT NEMUS BIOSCIENCE, INC.
The Company is a biopharmaceutical company, headquartered in Costa Mesa, California, focused on the discovery, development, and commercialization of cannabis-based therapeutics for significant unmet medical needs in global markets. Utilizing certain proprietary technology licensed from the University of Mississippi, NEMUS is working to develop novel ways to deliver cannabis-based drugs for specific indications, with the aim of optimizing the clinical effects of such drugs, while limiting the potential adverse events. NEMUS’s strategy will explore the use of natural and synthetic compounds, alone or in combination. The Company is led by a highly qualified team of executives with decades of biopharmaceutical experience and significant background in early-stage drug development. For more information, visit www.nemusbioscience.com.