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A day after executing a reverse stock split to maintain its Nasdaq listing, Enveric Biosciences (NASDAQ: ENVB) raised $5 million Thursday through a public offering, sending its newly consolidated shares sharply lower.

The company priced 1.67 million shares at $3 each, well below the $3.90 split-adjusted closing price Thursday. The stock sale came immediately after Enveric completed a 1-for-15 reverse split on Wednesday – a move designed to lift its shares above Nasdaq’s $1 minimum requirement and allow further fundraising.

Shares plunged over 40% in pre-market trading Friday to $2.32 on a split-adjusted basis as of press time. The offering also includes Series A warrants expiring in five years and Series B warrants expiring in 18 months.

Enveric also said it received a Notice of Allowance from the U.S. Patent and Trademark Office for its lead molecule EB-003, its neuroplastogenic compound being developed for treatment-resistant depression and anxiety.

The patent covers composition and methods for using novel tryptamine derivatives that promote neuroplasticity without causing hallucinations, according to CEO Joseph Tucker

“EB-003 potentially offers the opportunity to administer treatment without requiring a healthcare professional to be present during treatment, which would be a paradigm shift compared to first-generation psychedelics,” Tucker said in a statement.

In the third quarter of 2024, Enveric reported a net loss of $2.1 million, improved from a $2.8 million loss in the same period in 2023. The company had $3.1 million in cash as of September 30.

The company plans to use the offering’s proceeds for product development and working capital as it advances EB-003 toward clinical trials.