Akers Biosciences Announces Pricing of Public Offering of 1,667,000 Shares and 833,500 Warrants
January 09 2017 - 7:58PM
Marketwired
Akers Biosciences Announces Pricing of Public Offering of
1,667,000 Shares and 833,500 Warrants
THOROFARE, NJ-(Marketwired - Jan 9, 2017) - Akers Biosciences,
Inc. (NASDAQ: AKER) (AIM: AKR.L), (the "Company" or "Akers Bio"), a
developer of rapid health information technologies, today announces
the entry into an agreement relating to the sale of 1,667,000
shares of common stock at a public offering price of $1.20 per
share together with the issuance of 833,500 five-year warrants to
purchase common stock with an exercise price of $1.50. The gross
proceeds from the offering, excluding any proceeds on the exercise
of the warrants, are expected to be approximately $2,000,400,
before deducting the underwriting discount and estimated offering
expenses. The funds raised will be used for working capital as well
as to accelerate growth in the US and in international markets,
further develop new customers and launch new diagnostic
products.
The offering is expected to close on January 13, 2017, subject
to satisfaction of customary closing conditions. The shares and
warrants are being offered by Akers Biosciences, Inc. pursuant to a
registration statement previously filed with and subsequently
declared effective by the Securities and Exchange Commission. A
prospectus supplement relating to the offering will be filed with
the SEC and will be available on the SEC's website at
http://www.sec.gov.
Joseph Gunnar & Co., LLC is acting as sole book-running
manager for the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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. Copies of the
prospectus supplement and accompanying base prospectus relating to
this offering may be obtained from Joseph Gunnar & Co, LLC,
Prospectus Department, 30 Broad Street, 11th Floor, New York, NY
10004, telephone 212-440-9600, email: prospectus@jgunnar.com.
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening
and testing products designed to deliver quicker and more
cost-effective healthcare information to healthcare providers and
consumers. The Company has advanced the science of diagnostics
while responding to major shifts in healthcare through the
development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical product distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be
found at www.akersbio.com. Follow us on Twitter @AkersBio.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the intended terms of the offering, closing of the
offering and use of any proceeds from the offering. When used
herein, the words "anticipate," "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as
they relate to Akers Biosciences, Inc., its subsidiaries, or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
For more information: Akers Biosciences, Inc. John J. Gormally
Chief Executive Officer Raymond F. Akers, Jr. PhD Vice Chairman
Tel. +1 856 848 8698 Taglich Brothers, Inc. (Investor Relations)
Chris Schreiber Tel. +1 917 445 6207 Email: cs@taglichbrothers.com
Vigo Communications (Global Public Relations) Ben Simons / Fiona
Henson Tel. +44 (0)20 7830 9704 Email: akers@vigocomms.com
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