Silo Pharma Announces Closing of $5.75 Million Public Offering of Common Stock, Nasdaq Listing, and Full Exercise of Underwriter’s Over-Allotment Option

Silo Pharma, Inc. (Nasdaq: SILO), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced the closing of its underwritten public offering of 1,150,000 shares of its common stock, which included the full exercise of the underwriters’ over-allotment option to purchase 150,000 additional shares of common stock, at a public offering price of $5.00 per share.

Silo Pharma’s common stock began trading on the Nasdaq Capital Market under the symbol “SILO” on September 27, 2022.

The gross proceeds from this offering, before deducting underwriting discounts and commissions and other offering expenses payable by Silo Pharma, were $5,750,000 million. Silo Pharma intends to use the net proceeds from the offering for product development, marketing, and working capital and general corporate purposes. A portion of the proceeds may also be used for acquisitions of complementary businesses, technologies, or other assets. 

Silo Pharma. Inc. is a development-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as PTSD, Alzheimer’s , and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the healthcare industry.