Astrotech Announces Closing of $1.77 Million Registered Direct Offering Priced At-the-Market
March 26 2020 - 4:22PM
Business Wire
Astrotech Corporation (NASDAQ: ASTC), today announced that it
has closed its previously announced registered direct offering
priced at-the-market of 354,000 shares of its common stock at a
price of $5.00 per share for aggregate gross proceeds of $1.77
million. The Company intends to use the net proceeds from this
offering for continuing operating expenses and working capital.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The shares of common stock were offered by Astrotech pursuant to
a "shelf" registration statement on Form S-3 (File No. 333-226060)
previously filed with the Securities and Exchange Commission (the
"SEC") on July 3, 2018 and declared effective by the SEC on August
20, 2018. The offering of the securities was made only by means of
a prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A final prospectus supplement
and accompanying prospectus relating to the securities being
offered was filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying prospectus may be obtained
on the SEC's website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by phone at (646) 975-6996 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other 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 other jurisdiction.
About Astrotech
Astrotech (NASDAQ: ASTC) is a science and technology development
and commercialization company that launches, manages, and builds
scalable companies based on innovative technology in order to
maximize shareholder value. 1st Detect develops,
manufactures, and sells trace detectors for use in the security and
detection market. AgLAB develops, manufactures, and sells
chemical analyzers for use in the agriculture market.
BreathTech is developing a breath analysis tool to provide
early detection of lung diseases. Astrotech is headquartered in
Austin, Texas. For information, please visit
www.astrotechcorp.com.
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, market and other conditions, the intended use of net
proceeds from the registered direct offering, whether we can
successfully develop our proprietary technologies and whether the
market will accept our products and services, as well as other risk
factors and business considerations described in the Company’s
Securities and Exchange Commission filings including the annual
report on Form 10-K. Any forward-looking statements in this
document should be evaluated in light of these important risk
factors. In addition, any forward-looking statements included in
this press release represent the Company’s views only as of the
date of its publication and should not be relied upon as
representing its views as of any subsequent date. The Company
assumes no obligation to update these forward-looking statements,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200326005732/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
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