Artelo Biosciences Completes Private Placement of 3,188,407 Shares

Artelo Biosciences announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 3,188,407 shares of common stock and warrants to purchase up to 6,376,814 shares of common stock, at a combined purchase price of $3.45 per share of common stock and accompanying warrants, in a private placement priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $3.20 per share, will be exercisable upon issuance and will expire five and one-half years from the Effectiveness Date. The private placement is expected to close on or about March 30, 2026, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds from the offering are expected to be approximately $11M, prior to deducting placement agent fees and other offering expenses payable by the company. The company intends to use the net proceeds from the offering for working capital, general corporate purposes, and the repayment of certain bridge debt. The potential additional gross proceeds to the company from the warrants, if fully exercised on a cash basis, will be approximately $20.4M. No assurance can be given that any of the warrants will be exercised, or that the company will receive cash proceeds from the exercise of the warrants.