Astrotech Increases Previously Announced Bought Deal Offering of Common Stock to $32.5 Million
April 07 2021 - 10:32PM
Business Wire
Astrotech Corporation (NASDAQ: ASTC), today announced that, due
to demand, the underwriter has agreed to increase the size of the
previously announced public offering and purchase on a firm
commitment basis 21,639,851 shares of common stock of the Company
at a price to the public of $1.50 per share, less underwriting
discounts and commissions. The closing of the offering is expected
to occur on or about April 12, 2021, subject to satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running
manager for the offering.
The Company also has granted to the underwriter a 30-day option
to purchase up to an additional 3,245,977 shares of common stock at
the public offering price, less underwriting discounts and
commission.
The gross proceeds of the offering are expected to be
approximately $32.5 million, before deducting underwriting
discounts and commissions and offering expenses payable by
Astrotech and assuming no exercise of the option to purchase
additional shares. Astrotech intends to use the net proceeds of the
offering for general corporate purposes, working capital, and
capital expenditures.
The securities described above are being offered by the Company
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-253835) filed with the Securities and Exchange Commission (SEC)
and declared effective on March 15, 2021 and the accompanying
prospectus contained therein. The offering of the securities is
being made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A preliminary prospectus supplement and the accompanying prospectus
relating to this offering were filed with the SEC and are available
on the SEC’s website at www.sec.gov. Electronic copies of the final
prospectus supplement and the accompanying prospectus relating to
this offering, when filed, may be obtained by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by e-mail at placements@hcwco.com or by calling (212)
856-5711.
This announcement is neither an offer to sell, nor a
solicitation of an offer to buy, any of these securities and shall
not constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation, or sale is
unlawful. Any offer, if at all, will be made only by means of the
prospectus forming a part of the effective registration
statement.
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. 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, including regarding the
anticipated closing of the offering. 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, the completion of the offering, the satisfaction of
customary closing conditions related to the offering and the
intended use of net proceeds from the public offering, the
Company’s ability to obtain additional financing, 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, 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, market and other conditions,
as well as other risk factors and business considerations described
in the Company’s Securities and Exchange Commission filings
including our 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210407006042/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
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