AquaBounty Technologies, Inc. Announces Closing of Public Offering of Common Stock
April 09 2019 - 4:00PM
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 its
previously announced underwritten public offering of 2,554,590
shares of common stock of the Company at a public offering price of
$2.25 per share. AquaBounty has also granted the underwriters
a 45-day option to purchase up to an additional 383,188 shares of
its common stock at the public offering price per share, less
underwriting discounts and commissions. The gross proceeds to
AquaBounty from the offering are approximately $5.75 million,
before deducting underwriting discounts and commissions and
offering expenses.
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 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 final prospectus
supplement describing the terms of the offering 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 relating to the offering 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 underwritten offering of common stock
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 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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