AquaBounty Technologies, Inc. Announces Pricing of $27.5 Million Public Offering of Common Stock
August 07 2020 - 9:00AM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the
“Company”), a land-based aquaculture company utilizing technology
to enhance productivity and sustainability, today announced the
pricing of its previously announced underwritten public offering of
11,000,000 shares of common stock of the Company at a price to the
public of $2.50 per share. AquaBounty expects to receive aggregate
gross proceeds of approximately $27.5 million from the offering. In
addition, the Company has granted the underwriters of the offering
a 30-day option to purchase up to 1,650,000 additional shares of
common stock at the public offering price, less underwriting
discounts and commissions. The offering is expected to close on or
about August 11, 2020, subject to customary closing conditions.
Oppenheimer & Co.
Inc. and Lake Street Capital Markets, LLC are acting as joint
book-running managers for this offering. National Securities
Corporation, a wholly owned subsidiary of National Holdings
Corporation (NASDAQ:NHLD), is acting as co-manager for the
offering.
The Company currently
intends to use the net proceeds of this offering for working
capital costs and general corporate purposes, including potentially
purchasing land and towards costs associated with the construction
or site development for a new production farm.
A shelf registration
statement on Form S-3 relating to the public offering of the shares
of common stock described above was filed with the Securities and
Exchange Commission (“SEC”) and was declared effective on April 27,
2018. A preliminary prospectus supplement describing the terms of
the offering has been filed with the SEC and is available on the
SEC’s website at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may be obtained, when available, from Oppenheimer & Co. Inc.
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th
Floor, New York, NY 10004, or by calling (212) 667-8563, or by
emailing EquityProspectus@opco.com; or Lake Street Capital Markets,
LLC, Attention: Syndicate Department, 920 Second Avenue South,
Suite 700, Minneapolis, Minnesota 55402, or by calling (612)
326-1305, or by emailing syndicate@lakestreetcm.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 leader in the field of land-based
aquaculture and the use of technology for improving its
productivity and sustainability. The Company’s objective is to
ensure the availability of high-quality seafood to meet global
consumer demand, while addressing critical production constraints
in the most popular farmed species.
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.
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 completion, timing,
size, and use of proceeds of the proposed underwritten offering of
common stock. 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 capital, the final terms of the
underwritten offering of common stock, market and other conditions,
the satisfaction of customary closing conditions related to the
underwritten offering of common stock, AquaBounty’s business and
financial condition, and the impact of general economic, public
health, 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 supplement for this 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
AquaBounty Technologies (NASDAQ:AQB)
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