Applied DNA Announces $4.8 Million Registered Direct Offering of Common Stock
December 20 2017 - 9:15AM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN; “Applied DNA”) today
announced that it has entered into a securities purchase agreement
with certain institutional investors to purchase an aggregate of
2,735,000 shares of common stock and warrants to purchase an
aggregate of 2,735,000 shares of common stock in a registered
direct offering with aggregate gross proceeds of $4,786,250,
exclusive of warrant exercise proceeds. Each share of common stock
is being sold together with a warrant to purchase one share of
common stock at a combined effective price to the public of $1.75.
The warrants will be immediately exercisable at a price of $2.00
per share of common stock and will expire five years from the date
of issuance. The shares of common stock and the accompanying
warrants can only be purchased together in the offering but will be
issued separately. The offering is expected to close on or about
December 22, 2017, subject to the satisfaction of customary closing
conditions.
Maxim Group LLC acted as the exclusive placement agent for the
offering.
After deducting the placement agent’s commission and other
estimated offering expenses payable by Applied DNA, the net
proceeds to Applied DNA are anticipated to be approximately $4.2
million, not including any amounts Applied DNA will receive upon
the exercise of the warrants. Applied DNA intends to use the net
proceeds of the offering for working capital, capital expenditures,
business development and research and development expenditures, and
acquisitions of new technologies or businesses.
The securities described above are being offered under the
Company’s shelf registration statement on Form S-3 (No.
333-218158), including a base prospectus, previously filed with and
declared effective by the U.S. Securities and Exchange Commission
(SEC). The securities will be offered by means of a prospectus
supplement and accompanying prospectus, forming a part of the
effective registration statement. The prospectus supplement and
accompanying prospectus related to the offering will be filed with
the SEC and will be available on the website of the SEC at
http://www.sec.gov. Electronic copies of the prospectus supplement
and accompanying prospectus also may be obtained from Maxim Group
LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at
212-895-3745. Before you invest, you should read the prospectus
supplement and the accompanying prospectus in the registration
statement and other documents Applied DNA has filed or will file
with the SEC for more complete information about Applied DNA and
the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such jurisdiction.
About Applied DNA Sciences, Inc.
Applied DNA makes 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
CertainTT® Platform can be used to identify, tag, track, and trace
products, to help assure authenticity, origin, traceability 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 is also engaged in
the large-scale production of specific DNA sequences using the
polymerase chain reaction.
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 history of losses, 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,
our subsequent quarterly reports on Form 10-Q filed on February 9,
2017, May 11, 2017 and August 10, 2017 and our Registration
Statement on Form S-3 (SEC File No. 333-218158) and Prospectus
Supplement to be filed which are or will be 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171220005517/en/
Investors:LHASanjay M. Hurry,
212-838-3777shurry@lhai.comorMedia:Dian Griesel Int'lCheryl
Schneider, 212-825-3210cschneider@dgicomm.comWeb:
www.adnas.comTwitter: @APDN
Applied DNA Sciences (NASDAQ:APDN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Applied DNA Sciences (NASDAQ:APDN)
Historical Stock Chart
From Apr 2023 to Apr 2024