AquaBounty Technologies, Inc. Announces Exercise of Option to Purchase Additional Shares
April 17 2019 - 4:45PM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the
“Company”), a biotechnology company focused on enhancing
productivity in the aquaculture market and a subsidiary of Intrexon
Corporation (Nasdaq: XON), today announces the closing of the sale
of 346,488 shares of the Company’s common stock (the “Option
Shares”). The Option Shares were sold pursuant to the
Underwriting Agreement dated April 4, 2019 (the “Underwriting
Agreement”), between the Company and the underwriters in the public
offering of 2,554,590 shares of the Company’s common stock that
closed on April 9, 2019 (the “Offering”). In the
Underwriting Agreement, the Company granted the underwriters a
45-day option to purchase up to 383,188 shares of the Company’s
common stock at the public offering price of $2.25 per share.
The Option Shares were sold at the public offering price, less
underwriting discounts and commissions, and the gross proceeds to
AquaBounty from the sale are approximately $0.78 million,
before deducting underwriting discounts and commissions.
H.C. Wainwright & Co. acted as the sole book-running
manager for the Offering.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation (Nasdaq: NHLD), acted as co-manager
for the Offering.
The Company currently expects to use the net proceeds of the
Offering and the sale of the Option Shares to fully fund working
capital costs associated with growing its first batches of fish at
our Indiana and Rollo Bay farm sites and other general corporate
purposes.
A shelf registration statement on Form S-3 relating to the
Offering and the sale of the Option Shares was filed with the
Securities and Exchange Commission (“SEC”) and was declared
effective on April 27, 2018. A final prospectus
supplement describing the terms of the Offering and the sale of the
Option Shares was filed with the SEC on April 5, 2019, and is
available on the SEC’s website at www.sec.gov. Copies of the
final prospectus supplement and the accompanying prospectus may be
obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue 3rd
Floor, New York, NY 10022, or by calling (646) 975-6996 or by
emailing placements@hcwco.com or at the SEC’s website at
http://www.sec.gov.
This press release shall 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 an
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About AquaBounty
AquaBounty Technologies, Inc. is a publicly traded aquaculture
company focused on improving productivity and sustainability in
commercial aquaculture. The Company’s objective is the application
of biotechnology to ensure the availability of high-quality seafood
to meet global consumer demand—addressing critical production
constraints in the most popular farmed species, including salmon,
trout, and tilapia.
The Company’s AquAdvantage fish program is based upon a single,
specific molecular modification in fish that results in more rapid
growth in early development. With aquaculture facilities located in
Prince Edward Island, Canada, and Indiana, USA, AquaBounty is
raising its disease-free, antibiotic-free salmon in land-based
recirculating aquaculture systems, offering a reduced carbon
footprint and no risk of pollution of marine ecosystems as compared
to traditional sea-cage farming.
More information about AquaBounty is available at
www.aquabounty.com.
Forward-Looking Statements
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995, as
amended, that involve significant risks and uncertainties about
AquaBounty, including but not limited to statements with respect to
the use of proceeds of the Offering and the sale of the Option
Shares and the potential for harvests of the Company’s fish.
AquaBounty may use words such as “expect,” “anticipate,” “project,”
“intend,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,”
“focus,” “will,” and “may” and similar expressions to identify such
forward-looking statements. Among the important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements are risks relating to, among other
things, whether or not AquaBounty will be able to raise additional
capital; market and other conditions; AquaBounty’s business and
financial condition; and the impact of general economic, industry,
or political conditions in the United States or internationally.
For additional disclosure regarding these and other risks faced by
AquaBounty, see disclosures contained in AquaBounty’s public
filings with the SEC, including the “Risk Factors” in the company’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
prospectus for the Offering. You should consider these factors in
evaluating the forward-looking statements included in this press
release and not place undue reliance on such statements. The
forward-looking statements are made as of the date hereof, and
AquaBounty undertakes no obligation to update such statements as a
result of new information, except as required by law.
Contact
AquaBounty Technologies, Inc.Dave Conley, Director of
Communications+1 613 294 3078
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