BYND Cannasoft Announces Pricing of US$2.6 Million Underwritten Public Offering
July 17 2023 - 8:00AM
BYND Cannasoft Enterprises Inc. (Nasdaq:
BCAN)
(CSE:
BYND) (“
BYND Cannasoft” or
the “
Company”) today announced the pricing of a
firm commitment underwritten public offering with gross proceeds to
the Company expected to be approximately US$2.6 million, before
deducting underwriting discounts and other estimated expenses
payable by the Company. The base offering consists of 1,733,334
common shares at a price to the public of US$1.50 per share. The
Company intends to use the net proceeds from this offering for
working capital.
In addition, the Company has granted Aegis Capital Corp. a
45-day option to purchase additional common shares of up to 15% of
the number of common shares sold in the Offering solely to cover
over-allotments, if any. If this option is exercised in full, the
total gross proceeds of the Offering including over-allotments are
expected to be approximately US$3.0 million before deducting
underwriting discounts, commissions and offering expenses.
The offering is expected to close on July 19, 2023, subject to
the satisfaction of customary closing conditions.
Aegis Capital Corp. is acting as the sole book-running
manager for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form F-3 (No. 333-272374) declared
effective by the U.S. Securities and Exchange Commission (the
“SEC”) on June 14, 2023. A preliminary prospectus supplement and
accompanying shelf prospectus describing the terms of the proposed
offering have been filed with the SEC and are available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the preliminary prospectus supplement and the accompanying shelf
prospectus may be obtained by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by email at syndicate@aegiscap.com, or
by telephone at (212) 813-1010. Before investing in this offering,
interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that the Company has filed with the SEC and that are incorporated
by reference in such prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
such offering.
There is no offering of any of the Company’s securities by the
underwriter in Canada.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or 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
jurisdiction.
About BYND Cannasoft Enterprises Inc.
BYND Cannasoft Enterprises is an Israeli-based integrated
software and cannabis company. BYND Cannasoft owns and markets
"Benefit CRM," a proprietary customer relationship management (CRM)
software product enabling small and medium‐sized businesses to
optimize their day‐to‐day business activities such as sales
management, personnel management, marketing, call center
activities, and asset management. Building on our 20 years of
experience in CRM software, BYND Cannasoft is developing an
innovative new CRM platform to serve the needs of the medical
cannabis industry by making it a more organized, accessible, and
price-transparent market. The Cannabis CRM System will include a
Job Management (BENEFIT) and a module system (CANNASOFT) for
managing farms and greenhouses with varied crops. BYND Cannasoft
owns the patent-pending intellectual property for the EZ-G device.
This therapeutic device uses proprietary software to regulate the
flow of low concentrations of CBD oil, hemp seed oil, and other
natural oils into the soft tissues of the female reproductive
system to potentially treat a wide variety of women's health
issues. The EZ-G device includes technological advancements as a
sex toy with a more realistic experience and the prototype utilizes
sensors to determine what enhances the users' pleasure. The user
can control the device through a Bluetooth app installed on a
smartphone or other portable device. The data will be transmitted
and received from the device to and from the secure cloud using
artificial intelligence (AI). The data is combined with other
antonymic user preferences to improve its operation by increasing
sexual satisfaction.
For Further Information please refer to
information available on the Company’s website:
www.cannasoft-crm.com, the CSE’s
website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and
on SEDAR: www.sedar.com.
Gabi KabazoChief Financial OfficerTel: (604)
833-6820e‐mail: ir@cannasoft-crm.com
For Media and Investor Relations, please
contact:
David L. Kugelman(866) 692-6847 Toll Free - U.S. &
Canada(404) 281-8556 Mobile and WhatsAppdk@atlcp.comSkype:
kugsusa
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain statements that may be
deemed “forward-looking statements” including statements regarding
the filing of a final Prospectus. All statements in this release,
other than statements of historical facts, that address future
events or developments that the Company expects, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual events or developments may differ
materially from those in forward-looking statements. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause the Company’s actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. Such
statements reflect the Company's current views with respect to
future events and are subject to such risks and uncertainties. Many
factors could cause actual results to differ materially from the
statements made, including unanticipated regulatory requests and
delays, final patents approval, and those factors discussed in
filings made by the company with the Canadian securities regulatory
authorities, including (without limitation) in the company's
management's discussion and analysis for the year ended December
31, 2022 and annual information form dated March 31, 2023, which
are available under the company's profile at www.sedar.com, and in
the Company’s Annual Report on Form 20-F for the year then ended
that was filed with the U.S. Securities and Exchange Commission on
April 27, 2023. Should one or more of these factors occur, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, or expected. We do not
intend and do not assume any obligation to update these
forward‐looking statements, except as required by law. Any such
forward-looking statements represent management's estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change. Shareholders are cautioned not to put undue reliance on
such forward‐looking statements.
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