MAYNARD, Mass., Jan. 19, 2017 /PRNewswire/ -- AquaBounty
Technologies, Inc. (AIM: ABTU; NASDAQ: AQB), a biotechnology
company focused on enhancing productivity in aquaculture and a
majority-owned subsidiary of Intrexon Corporation (NYSE: XON),
announces that it has completed the listing of its common shares on
the NASDAQ Stock Market and finalized the equity subscription from
Intrexon.
"AquaBounty's listing on NASDAQ represents an important
milestone for the Company that will broaden our exposure to the
U.S. markets as we advance plans for commercial production of our
pioneering, environmentally responsible approach to fish farming,"
said Ronald L. Stotish, Ph.D., Chief
Executive Officer of AquaBounty.
"Aquaculture is the fastest-growing segment of food production
globally with estimates anticipating a doubling of farmed fish
production by 2050. Commensurate with the industry's rapid
growth, stresses on the oceans and new challenges resulting from
open-sea cage farming are expected to rise. Our game-changing
platform affords better economics for land-based aquaculture and
all the advantages that it brings, including nutritious Atlantic
salmon free of antibiotics, vaccines, and other treatments that are
necessary to minimize infection in fish farming today," added Dr.
Stotish.
NASDAQ Listing
Further to the Company's announcement
of 7 November 2016 that it had filed
a Form 10 registration statement (the "Registration Statement")
with the U.S. Securities and Exchange Commission (the "SEC") to
register its Common Shares ("Common Shares") pursuant to Section
12(b) of the Securities Exchange Act of 1934, the Company now
announces that it has completed the SEC review process and has
received approval to list its Common Shares on NASDAQ.
The Company's Common Shares will trade under the symbol AQB on
NASDAQ commencing on 19 January 2017,
and will continue to trade on AIM under the symbol ABTU.
Equity Subscription
The Company executed a share
purchase agreement ("Share Purchase Agreement") with Intrexon on
7 November 2016 for the issuance and
sale of 2,421,073 Common Shares (after the effect of the 1-for-30
reverse share split, the "Subscription Shares") raising
$25.0 million (approximately £20.3
million) before expenses (the "Fundraising"). This equity
subscription was conditional, inter alia, on admission of
the Subscription Shares to trading on AIM ("Admission"), as well as
the approval of the Company's listing on NASDAQ. Both of these
conditions will be met today. The issue price of the Subscription
Shares is 840 pence ($10.326, based on a conversion rate of
£1:$1.2293) per share, which
represents the closing price of the Company's Common Shares on AIM
on 2 November 2016 (after the effect of the 1-for-30 reverse
share split), which was the latest practical date for calculation
prior to the approval of the transaction by AquaBounty's
Independent Directors.
Use of Proceeds
As stated in the statement issued on
7 November 2016, the Fundraising will
provide ongoing working capital and investment requirements to
progress the Company's strategy over at least the next two
years.
Specifically, management is evaluating several paths to revenue
generation that follow different timelines, including production of
AquAdvantage® fish at the Company's existing farm in
Panama, purchase of an existing
production facility in North
America, and construction of a new production facility in
North America.
Share Distribution
In conjunction with the completed
listing of the Common Shares on NASDAQ and the Fundraising,
Intrexon has distributed 1,776,557 of its holdings of Common Shares
of AquaBounty (the "Distribution Shares") via a share dividend to
its shareholders (the "Distribution"). This Distribution was
completed to help AquaBounty satisfy certain listing requirements
on NASDAQ for publicly held shares.
Admission and Total Voting Rights
The 2,421,073
Subscription Shares have been issued subject to Admission will be
credited as fully paid and will rank pari passu in all
respects with the existing Common Shares. Admission of the
Subscription Shares to trading on AIM is expected on 19 January 2017.
Prior to the Fundraising and the Distribution, Intrexon held
4,516,731 Common Shares (representing 69.88% of the outstanding
Common Shares). With the completion of the Fundraising and the
issuance of the Subscription Shares and the distribution of the
Distribution Shares, Intrexon now holds 5,161,247 Common Shares in
the Company, representing 58.09% of the enlarged issued- share
capital of 8,885,008 Common Shares. Each share carries the
right to one vote and therefore the total number of voting rights
in the Company will be 8,885,008.
Safe Harbour Statement
Some of the statements made in
this press release are forward-looking statements. These
forward-looking statements are based upon the Company's current
expectations and projections about future events and generally
relate to the Company's plans, objectives, and expectations for the
development of the business, including the occurrence and timing of
the Fundraising, the conversion of outstanding amounts under the
Company's convertible loan, the Admission of the Subscription
Shares and Conversion Shares, and the listing of Common Shares on
NASDAQ, as well as the length of time the Fundraising will allow
the Company to operate. Although management believes that the plans
and objectives reflected in or suggested by these forward-looking
statements are reasonable, all forward-looking statements involve
risks and uncertainties and actual future results may be materially
different from the plans, objectives, and expectations expressed in
this press release.
This announcement contains inside information.
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SOURCE AquaBounty Technologies, Inc.