Paul Hastings LLP advised Piper Sandler as lead placement agent and Oppenheimer & Co. as placement agent in connection with Skye Bioscience’s $50.25 million private placement (PIPE). The PIPE financing consists of the sale of (i) 11,822,124 shares of Skye’s common stock at $2.305 per share and (ii) to certain investors, in lieu of common stock, pre-funded warrants to purchase up to 9,978,739 shares of common stock at a price of $2.3049 per pre-funded warrant to certain qualified institutional buyers. The pre-funded warrants will have an exercise price of $0.001 per share, will be exercisable immediately, and will be exercisable until exercised in full. Skye Bioscience (OTCQB: SKYE) is a clinical stage biotechnology company focused on discovering, developing and commercializing novel classes of therapeutic drugs that modulate the endocannabinoid system.

Partner and Co-head of Equity Capital Markets and Co-chair of the Corporate Life Sciences Group Seo Salimi and Securities and Capital Markets partner Will Magioncalda led the Paul Hastings team, which also included associate Chris Guerin.

More details about the transaction can be found here.

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