AquaBounty Technologies, Inc. Announces Full Exercise of Over-Allotment Option
August 20 2020 - 4:05PM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the
“Company”), a land-based aquaculture company utilizing technology
to enhance productivity and sustainability, today announced the
closing of the sale of 1.65 million shares of the Company’s
common stock (the “Option Shares”). The Option Shares were
sold pursuant to the Underwriting Agreement dated August 7,
2020 (the “Underwriting Agreement”), between the Company and the
underwriters in the public offering of 11 million shares of
the Company’s common stock that closed on August 11, 2020 (the
“Offering”). Pursuant to the Underwriting Agreement, the
Company granted the underwriters a 30-day option to purchase up to
1.65 million shares of the Company’s common stock at the
public offering price of $2.50 per share, and the Option Shares
were sold at the public offering price, less underwriting discounts
and commissions. The gross proceeds to AquaBounty from the
sale of the Option Shares were approximately $4.125 million,
and the gross proceeds to AquaBounty from the sale of the Option
Shares and the Offering together were approximately
$31.625 million, in each case before deducting underwriting
discounts and commissions and estimated offering expenses payable
by AquaBounty.
Oppenheimer & Co. Inc. and Lake Street Capital Markets, LLC
acted as joint book-running managers for this offering.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation (NASDAQ: NHLD), acted 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 final prospectus
supplement describing the terms of the offering was filed with the
SEC on August 10, 2020, 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 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 use of proceeds of the 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 additional
capital, market and other conditions, 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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