Enveric Biosciences, Inc.
Filed Jan 14, 2025.
View on SEC.govAbout this filing
A company's registration of shares for sale to the public, often for a first offering. It describes the business, its risks and how the company plans to use the money.
period unavailable · Filed Jan 14, 2025
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As filed with the Securities and Exchange Commission on January 14, 2025
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMS-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
(Exact name of registrant as specified in its charter)
| Delaware | 2834 | 95-4484725 |
|---|---|---|
| (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer |
| incorporation or organization) | Classification Code Number) | Identification Number) |
4851 Tamiami Trail N, Suite 200
Naples, FL 34103
(239) 302-1707
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Joseph Tucker
Chief Executive Officer
4851 Tamiami Trail N, Suite 200
Naples, FL 34103
(239) 302-1707
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Bradley J. Wyatt, Esq.
Rasika A. Kulkarni, Esq.
Dickinson Wright PLLC
1850 N. Central Avenue Suite 1400
Phoenix AZ 85004
(734) 623-1905
Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act. (Check one):
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
| Preliminary Prospectus | Subject to Completion | Dated January 14, 2025 |
|---|
Up to[●]Shares of Common Stock and accompanying Warrants to Purchase up to[●]Shares of Common Stock
or
Up to[●]Pre-Funded Warrants to Purchase Up to[●]Shares of Common Stock and accompanying Warrants to Purchase up to
[●]Shares of Common Stock
Up to[●]Placement Agent Warrants to Purchase Up to[●]Shares of Common Stock
Up to[●]Shares of Common Stock underlying the Warrants, Pre-Funded Warrants and Placement Agent Warrants
We are offering up to [●] shares of common stock, together with warrants to purchase up to [●] shares of common stock (the “warrants”), pursuant to this prospectus. The assumed combined public offering price for each share of common stock, together with an accompanying warrant to purchase one share of common stock, is $[●], which is equal to the last reported sale price of our common stock on the Nasdaq Capital Market on [●], 2025. The shares of common stock and warrants will be separately issued, but the shares of common stock and warrants will be issued to purchasers in the ratio of one to one. Each warrant will have an exercise price of $[●] per share, will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the warrants (“Warrant Stockholder Approval”), provided however, if the Pricing Conditions (as defined below) are met, the warrants will be exercisable upon issuance (the “Initial Exercise Date”). The warrants will expire on the five-year anniversary of the Initial Exercise Date. As used herein, “Pricing Conditions” means that the combined offering price per share and accompanying warrant is such that the Warrant Stockholder Approval is not required under the rules of the Nasdaq Stock Market LLC (“Nasdaq”) because either (i) the offering is an at-the-market offering under Nasdaq rules and such price equals or exceeds the sum of (a) the applicable “Minimum Price” per share under Nasdaq Rule 5635(d) plus (b) $0.125 per whole share of common stock underlying the warrants or (ii) the offering is a discounted offering where the pricing and discount (including attributing a value of $0.125 per whole share underlying the warrants) meet the pricing requirements under Nasdaq’s rules.
We are also offering up to [●] pre-funded warrants (the “pre-funded warrants”) to those purchasers whose purchase of shares of common stock in this offering would result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock following the consummation of this offering in lieu of the shares of our common stock that would result in ownership in excess of 4.99% (or, at the election of the purchaser, 9.99%). Each pre-funded warrant will be exercisable for one share of common stock at an exercise price of $0.0001 per share. Each pre-funded warrant is being issued together with the same warrants described above being issued with each share of common stock. The assumed combined public offering price for each such pre-funded warrant, together with an accompanying warrant to purchase one share of common stock, is [●], which is equal to the last reported sale price of our common stock on Nasdaq on [●], 2025, minus $0.0001. Each pre-funded warrant will be exercisable upon issuance and may be exercised at any time until all of the pre-funded warrants are exercised in full. The pre-funded warrants and accompanying warrants are immediately separable and will be issued separately in this offering, but the pre-funded warrants and warrants will be issued to purchasers in the ratio of one to one. This prospectus also relates to the offering of the shares of common stock issuable upon exercise of the warrants, pre-funded warrants and Placement Agent Warrants (as defined herein). For each pre-funded warrant sold, the number of shares of common stock sold will be reduced on a 1-for-1 basis.
There is no established public trading market for the warrants or the pre-funded warrants, and we do not expect a market to develop. We do not intend to apply for listing of the warrants or the pre-funded warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the warrants and the pre-funded warrants will be limited.
This offering will terminate on [●], 2025, unless we decide to terminate the offering (which we may do at any time in our discretion) prior to that date. We will have one closing for all the securities purchased in this offering. The combined public offering price per share of common stock (or pre-funded warrant) and accompanying warrant will be fixed for the duration of this offering.
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We have engaged [●] (the “Placement Agent”), to act as our exclusive placement agent in connection with this offering. The Placement Agent has agreed to use its reasonable best efforts to arrange for the sale of the securities offered by this prospectus. The Placement Agent is not purchasing or selling any of the securities we are offering and the Placement Agent is not required to arrange the purchase or sale of any specific number of securities or dollar amount. We have agreed to pay to the Placement Agent the Placement Agent fees set forth in the table below, which assumes that we sell all of the securities offered by this prospectus. There is no minimum number of securities or amount of proceeds required as a condition to closing in this offering. In addition, because there is no escrow trust or similar arrangement and no minimum offering amount, investors could be in a position where they have invested in our company, but we are unable to fulfill all of our contemplated objectives due to a lack of interest in this offering. Further, any proceeds from the sale of securities offered by us will be available for our immediate use, despite uncertainty about whether we would be able to use such funds to effectively implement our business plan. We will bear all costs associated with the offering. See “Plan of Distribution” on page 83 of this prospectus for more information regarding these arrangements.
Our common stock is listed on Nasdaq, under the symbol “ENVB”. The last reported sale price of our common stock on Nasdaq on [●], 2025 was $[●] per share. We do not intend to list the warrants or pre-funded warrants on the NASDAQ Capital Market, any other national securities exchange or any other nationally recognized trading system.
The combined offering price per share of common stock and accompanying warrant and the combined offering price per pre-funded warrant and accompanying warrant we are offering and the exercise price and other terms of the warrants will be negotiated between us and the purchasers, in consultation with the Placement Agent based on the trading of our common stock prior to this offering, among other factors. Other factors considered in determining the offering price of the securities we are offering and the exercise price and other terms of the warrants include the history and prospects of our company, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant. The combined offering price per share of common stock and accompanying warrant and the combined offering price per pre-funded warrant and accompanying warrant may be at a discount to the current market price of our common stock. Therefore, the recent market price used throughout this prospectus may differ substantially from the offering price.
We are a “smaller reporting company” as defined under federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to comply with reduced public company reporting requirements in future filings. See “Prospectus Summary––Implications of Being a Smaller Reporting Company.”
Investing in our securities involves a high degree of risk. See the section entitled “Risk Factors”beginning on page 6 of this prospectus for a discussion of risks that should be considered in connection with an investment in our securities.
| Per Share and accompanying Warrant | Per Pre-Funded Warrant and accompanying Warrant | Total | ||||
| Assumed public offering price | $ | $ | $ | |||
|---|---|---|---|---|---|---|
| Placement agent fees (1) | $ | $ | $ | |||
| Proceeds to us, before expenses (2) | $ | $ | $ | |||
| (1) | We have agreed to pay the Placement Agent a total cash fee equal to 7.0% of the gross proceeds raised in this offering. We have also agreed to pay the Placement Agent a management fee equal to 1.0% of the gross proceeds raised in this offering and to reimburse the Placement Agent for its non-accountable expenses in the amount of $25,000 and for its legal fees and expenses and other out-of-pocket expenses in an amount up to $100,000, and for its clearing expenses in the amount of $15,950. In addition, we have agreed to issue to the Placement Agent, or its designees, warrants to purchase a number of shares of our common stock equal to 7.0% of the aggregate number of shares of common stock and pre-funded warrants being offered at an exercise price equal to 125% of the combined public offering price per share of common stock and accompanying warrant. We refer you to “Plan of Distribution” on page 83 of this prospectus for additional information regarding Placement Agent compensation. |
| (2) | Because there is no minimum number of securities or amount of proceeds required as a condition to closing in this offering, the actual offering amount, Placement Agent fees, and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth above. We refer you to “Plan of Distribution” on page 83 of this prospectus for additional information regarding Placement Agent compensation. |
The delivery of the securities offered hereby is expected to be made on or about _____________, 2025, subject to satisfaction of certain customary closing conditions.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is__________, 2025
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TABLE OF CONTENTS
| ABOUT THIS PROSPECTUS | 1 |
|---|---|
| PROSPECTUS SUMMARY | 2 |
| THE OFFERING | 5 |
| RISK FACTORS | 6 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 34 |
| MARKET PRICE AND DIVIDEND INFORMATION | 35 |
| BUSINESS | 36 |
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 49 |
| SECURITY OWNERSHIP AND CERTAIN BENEFICIAL OWNERS | 61 |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 62 |
| MANAGEMENT | 63 |
| EXECUTIVE AND DIRECTOR COMPENSATION | 65 |
| USE OF PROCEEDS | 72 |
| DILUTION | 72 |
| DESCRIPTION OF CAPITAL STOCK | 74 |
| DESCRIPTION OF SECURITIES WE ARE OFFERING | 78 |
| PLAN OF DISTRIBUTION | 83 |
| LEGAL MATTERS | 85 |
| EXPERTS | 85 |
| WHERE YOU CAN FIND MORE INFORMATION | 85 |
| INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | F-1 |
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