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Artelo Biosciences, Inc. (ARTL) has formally requested the withdrawal of its recently effective registration statement for a planned securities offering, signaling a pause in its capital-raising efforts.
On Friday, the company submitted a request under Rule 477 of the Securities Act of 1933 to withdraw its Form S-1, initially filed with the U.S. Securities and Exchange Commission on March 20 and declared effective on March 25.
Artelo stated that it does not plan to move forward with the proposed securities offering at this time. Following the update, Artelo Biosciences stock traded over 141% higher in Friday’s premarket.
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