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Canadian psychedelic drug developer Clearmind Medicine (OTC:CMND) (CMND:CA) has updated terms for a proposed $9M US initial public offering and uplisting to Nasdaq.

Clearmind said in a filing that it is now looking to offer 1.3M shares priced between $6 and $8, which would raise around $9M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 188K additional shares.

The company plans to list its shares on Nasdaq under the symbol CMND. Its shares are already listed on the Canadian and Frankfurt stock exchanges and are also traded on the OTC market under the symbol CMNDD. Aegis Capital is serving as sole bookrunner on the deal.

In September, Clearmind said that it expected to raise around $9M by offering 1M shares.

Based in Vancouver, Clearmind has been developing psychedelic medications for the treatment of conditions such as binge drinking and eating disorders. The company hopes to begin clinical testing of its lead drug candidate by the end of the year.

Clearmind conducted a 1-for-30 reverse stock split on Sept. 30.


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