Applied DNA Sciences Raises $1.8 Million in Private Placement Led by Executive Officers, Board Members and Strategic Investor
June 28 2017 - 9:43AM
Business Wire
Applied DNA Sciences, Inc. (“Applied DNA,” “the Company,”
NASDAQ: APDN), announces today that it has entered into
subscription agreements for a private placement of its Common
Stock, par value $.001 per share, with a group of investors,
including a key customer and all of the Company’s Executive
Officers and members of the Board of Directors (the “Investors”).
The private placement is expected to close with respect to each
investor by July 28, 2017.
As a result of the private placement, the Company will issue and
sell 1,025,574 shares of common stock at a price of $1.76 per share
(the “Purchase Price”) for total expected gross proceeds of
$1,805,000. The Purchase Price represents the greatest of (i)
$1.00, (ii) the volume-weighted average closing price at
the end of each trading day of the Common Stock on the NASDAQ
Capital Market for the period from June 21, 2017
through June 27, 2017) or (iii) the closing bid price of the
Common Stock on the NASDAQ Capital Market on June 27, 2017.
The issuance of the Common Stock will be exempt from the
registration requirements of the Securities Act of 1933 pursuant to
Section 4(a)(2) of such Securities Act and Regulation D promulgated
thereunder and such Common Stock will therefore be restricted. Each
investor will give representations that he or it was an “accredited
investor” (as defined under Rule 501 of Regulation D) and that he
or it is purchasing such securities without a present view toward a
distribution of the securities. In addition, there was no general
solicitation conducted in connection with the offer and sale of the
securities.
Dr. James A. Hayward, president and CEO of Applied DNA, stated,
“I am extremely pleased with the investment and support received
from our management team, the Board and a key customer in joining
me in strengthening the Company’s balance sheet to give us
additional resources with which to execute on our growth strategy.
This investment was done without any discount or preference,
without warrants or banking fees, offering the best value for the
Company and for existing investors.”
The Company intends to use the aggregate net proceeds from the
private placement for general corporate purposes, including working
capital, capital expenditures, business development and research
and development.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy 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.
About Applied DNA
Applied DNA is a provider of molecular technologies that enable
supply chain security, anti-counterfeiting and anti-theft
technology, product genotyping and DNA mass production for
diagnostics and therapeutics.
We make life real and safe by providing innovative,
molecular-based technology solutions and services that can help
protect products, brands, entire supply chains, and intellectual
property of companies, governments and consumers from theft,
counterfeiting, fraud and diversion. The proprietary DNA-based
“CertainT™” platform can be used to identify, tag, test, and track
products, to help assure authenticity, origin, traceability,
sustainability and quality of products. SigNature® DNA describes
the core technology ingredient that is at the heart of a family of
uncopyable, security and authentication solutions such as
SigNature® T and fiberTyping®, targeted toward textiles and
apparel, BackTrac™ and DNAnet®, for anti-theft and loss prevention,
and digitalDNA®, providing powerful track-and-trace. All provide a
forensic chain of evidence, and can be used to prosecute
perpetrators. Applied DNA Sciences is also engaged in the
large-scale production of specific DNA sequences using the
polymerase chain reaction.
Visit adnas.com for more information. Follow us on Twitter and
LinkedIn. Join our mailing list.
The Company’s common stock is listed on NASDAQ under the symbol
APDN, and its warrants are listed under the symbol APDNW.
Forward-Looking Statements
The statements made by APDN in this press release may be
“forward-looking” in nature within the meaning of the Private
Securities Litigation Act of 1995. Forward-looking statements
describe APDN’s future plans, projections, strategies and
expectations, and are based on assumptions and involve a number of
risks and uncertainties, many of which are beyond the control of
APDN. Actual results could differ materially from those projected
due to our short operating history, limited financial resources,
limited market acceptance, market competition and various other
factors detailed from time to time in APDN’s SEC reports and
filings, including our Annual Report on Form 10-K filed on December
6, 2016, and our subsequent quarterly reports on Form 10-Q filed on
February 9, 2017, and May 11, 2017 which are available at
www.sec.gov. APDN undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date hereof to reflect the occurrence of
unanticipated events, unless otherwise required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170628005804/en/
Investor:LHA Investor RelationsSanjay Hurry,
212-838-3777shurry@lhai.comweb: www.adnas.comtwitter:
@APDN
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