AquaBounty Technologies, Inc. Announces Pricing of $5.75 Million Public Offering of Common Stock
April 04 2019 - 9:55PM
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 announced the pricing of its
previously announced underwritten public offering of 2,554,590
shares of common stock of the Company at a price to the public of
$2.25 per share. In addition, the Company has granted the
underwriters of the offering a 45-day option to purchase up to
383,188 additional shares of common stock at the public offering
price, less underwriting discounts and commissions.
AquaBounty expects to receive aggregate gross proceeds of
approximately $5.75 million from the offering. The
offering is expected to close on or about April 9, 2019, subject to
customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the 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 expects to use the net proceeds of this
offering 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
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 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 completion and use of proceeds of the underwritten public
offering of common stock and the extent of funding of working
capital costs. 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, market and other
conditions, the satisfaction of customary closing conditions
related to the underwritten public offering of common stock,
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 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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