In surprising industry news, Silo Pharma has uplisted to the NASDAQ.
Silo Pharma on the NASDAQ? Yup, you read it right. Previously listed on the OTC under the symbol SILOD, Silo performed a 1-for-50 Reverse Stock Split in Preparation for Planned Uplisting to Nasdaq. And today the company began trading on the NASDAQ.
Silo Pharma is a development-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as PTSD, Alzheimer’s, and other rare neurological disorders.
Making the jump from OTC to the NASDAQ is a big move, especially since Silo OTC shares were trading in the $0.10 range before the reverse split.
Silo offered 1 million shares today at $5 per share for gross proceeds of $5 million. The newly listed stock is maintaining its IPO level for now.
With a new psychedelic player listed on the NASDAQ it’s time to take a deeper look at the company. Stay tuned to Microdose for more.
Silo Pharma Announces Uplisting to Nasdaq Capital Market and Pricing of $5 Million Public Offering of Common Stock
Silo Pharma common stock to begin trading on Nasdaq Tuesday, September 27, 2022, under the symbol “SILO”
September 27, 2022 09:05 ET | Source: Silo Pharma, Inc.
ENGLEWOOD CLIFFS, NJ , Sept. 27, 2022 (GLOBE NEWSWIRE) — Silo Pharma, Inc. (Nasdaq: SILO) (formerly OTCQB: SILO), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced pricing of an underwritten public offering of 1,000,000 shares of its common stock at a price to the public of $5.00 per share.
The gross proceeds to Silo Pharma from this offering are expected to be $5,000,000, before deducting the underwriting discount and other estimated offering expenses payable by Silo Pharma. Silo Pharma intends to use the net proceeds from the offering for product development, marketing, and working capital and general corporate purposes. A portion of the proceeds may also be used for acquisitions of complementary businesses, technologies, or other assets.
As a result of the offering, the Company’s common stock will become listed on the Nasdaq Capital Market and will trade under the ticker symbol “SILO” beginning September 27, 2022. The offering is expected to close on or about September 29, 2022, subject to customary closing conditions. In addition, the Company has granted a 45-day option to the underwriter to purchase up to an additional 150,000 shares of common stock at the public offering price, less the underwriting discount, to cover over-allotments, if any.
Laidlaw & Company (UK) Ltd. is acting as sole book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-261532) relating to the public offering of the shares of common stock described above was previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on September 15, 2022. The final prospectus will be filed with the SEC and will be available on the SEC’s website at www.sec.gov
. Copies of the final prospectus, when available, may be obtained from Laidlaw & Company (UK) Ltd., 521 Fifth Ave., 12th Floor, New York, NY 10175, Attention: Syndicate Dept.; email: syndicate@laidlawltd.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. This offering is being made only by means of the prospectus.
About Silo Pharma
Silo Pharma. Inc. is a development-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as PTSD, Alzheimer’s, and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the healthcare industry. For more information, visit www.silopharma.com
Contact
800-705-0120
investors@silopharma.com
