Numinus Wellness Seeks C$10 Million Capital Injection Through Share Sale

LOS ANGELES- Vancouver’s Numinus Wellness Inc., a pioneer in the psychedelics space, unveiled plans to generate an additional C$10 million through an at-the-market equity program. However, the exact count of shares to hit the market remains undetermined and hinges on the company’s financier, Stifel Nicolaus Canada Inc., which has an established “equity distribution agreement” overseeing these shares.

This move by Numinus is seen as a strategic one, offering the company added financial adaptability in the face of potential future needs. The company remarked that this equity program might be activated if and when it’s found appropriate.

The proceeds collected from this share sale will be channeled into several areas, including addressing ongoing operational costs, working capital necessities, repaying any outstanding debts, discretionary capital projects, and possibly, making room for prospective acquisitions.

The company’s latest financial figures hint at an urgent need for capital. For the quarter ending May 31, Numinus experienced a substantial outflow of $9.2 million in operational expenses, declared a net deficit of $7.2 million, and was left with a cash balance of just $13 million.

However, not all seems bleak for Numinus. The company is on the cusp of a potentially significant advancement. If the U.S. Food and Drug Administration (FDA) approves its MDMA-assisted therapy in the coming year, as anticipated by the firm, it could mark a transformative moment for the company.