Applied DNA Announces Pricing of $15 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
January 11 2021 - 7:00AM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN) (the “Company”), a
leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing,
announced today that it has entered into a securities purchase
agreement with certain institutional investors, providing for the
purchase and sale of 1,810,000 shares of common stock at a price of
$8.30 per share, priced at-the-market under Nasdaq rules, in a
registered direct offering, resulting in total gross proceeds of
approximately $15 million, before deducting the placement agent’s
fees and other estimated offering expenses.
The offering is expected to close on or about January 13, 2021,
subject to the satisfaction of customary closing conditions.
The Company currently intends to use the net proceeds from the
offering for general corporate purposes, including working capital,
for research and development, and to advance the adoption of its
LinearDNA™ manufacturing platform.
Roth Capital Partners served as sole placement agent for the
transaction.
The offering is being made pursuant to a shelf registration
statement on Form S-3 (File No. 333-238557) (including a
prospectus) previously filed with the Securities and Exchange
Commission (the "SEC") on May 21, 2020, and declared effective by
the SEC on June 1, 2020. A prospectus supplement and the
accompanying prospectus relating to and describing the terms of the
offering will be filed with the SEC and will be available on the
SEC's website at www.sec.gov. When available, copies of the
prospectus supplement and the accompanying prospectus relating to
the offering may also be obtained by contacting Roth Capital
Partners, LLC, 888 San Clemente Drive, Newport Beach, California
92660, by calling (800) 678-9147 or by e-mail at
rothecm@roth.com.
This press release does not constitute an offer to sell or the
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 the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable
supply chain security, anti-counterfeiting and anti-theft
technology, product genotyping, and pre-clinical nucleic acid-based
therapeutic drug candidates.
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 ticker
symbol ‘APDN’, and its publicly traded warrants are listed on OTC
under ticker symbol ‘APPDW’.
Applied DNA is a member of the Russell Microcap® Index.
Forward-Looking Statements
The statements made by Applied DNA in this press release may be
“forward-looking” in nature within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Forward-looking statements in this press release are subject
to a number of risks and uncertainties, including, but not limited
to market and other conditions, the completion of the offering, the
satisfaction of customary closing conditions related to the
offering and the intended use of net proceeds from the offering.
Forward-looking statements describe Applied DNA’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 Applied DNA. Actual results
could differ materially from those projected due to its history of
net losses, limited financial resources, limited market acceptance,
the possibility that its assay kit could become obsolete or have
its utility diminished, the uncertainties inherent in research and
development, future clinical data and analysis, including whether
any of Applied DNA’s or its partner’s diagnostic or therapeutic
candidates will advance further in the preclinical research or
clinical trial process, including receiving clearance from the U.S.
Food and Drug Administration (U.S. FDA) or equivalent foreign
regulatory agencies to conduct clinical trials and whether and
when, if at all, they will receive final approval from the U.S. FDA
or equivalent foreign regulatory agencies, the unknown outcome of
any applications or requests to U.S. FDA, equivalent foreign
regulatory agencies and/or the New York State Department of Health,
the unknown limited duration of any Emergency Use Authorization
(EUA) approval from U.S. FDA, changes in guidances promulgated by
the CDC, U.S. FDA and/or CMS relating to COVID-19 surveillance and
diagnostic testing, disruptions in the supply of raw materials and
supplies, and various other factors detailed from time to time in
Applied DNA’s SEC reports and filings, including our Annual Report
on Form 10-K filed on December 17, 2020, and other reports we file
with the SEC, which are available at www.sec.gov. Applied DNA
undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events, or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, unless otherwise required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210111005386/en/
Investor contact: Sanjay M. Hurry, Applied DNA Sciences,
917-733-5573, sanjay.hurry@adnas.com Web:
www.adnas.com Twitter: @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