Astrotech Announces Closing of $18.0 Million Upsized Public Offering
October 23 2020 - 1:53PM
Business Wire
Astrotech Corporation (NASDAQ: ASTC), today announced that it
has closed its previously announced public offering of an aggregate
of 7,826,086 shares of its common stock at a purchase price of
$2.30 per share for aggregate gross proceeds of approximately $18.0
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 registration statement on Form S-1 (File No. 333-239705)
previously filed with the Securities and Exchange Commission (the
"SEC") on September 30, 2020, and an additional registration
statement on Form S-1 (File No. 333-249582) filed pursuant to Rule
462(b), which became automatically effective on October 21, 2020,
including a final prospectus filed with the SEC on October 22,
2020. Electronic copies of the final prospectus may be obtained,
when available, 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 Corporation
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 is developing 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.
Forward-Looking Statements
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 severity and duration
of the COVID-19 pandemic and its impact on the U.S. and worldwide
economy, the timing, scope and effect of further U.S. and
international governmental, regulatory, fiscal, monetary and public
health responses to the COVID-19 pandemic, the completion of the
public offering and the Company’s use of proceeds from the public
offering, whether we can successfully complete the development of
our new products and proprietary technologies, whether we can
obtain the FDA and other regulatory approvals required to market
our products under development in the United States or abroad, 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/20201023005485/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
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