Item
1.01. Entry into a Material Definitive Agreement.
On December 18, 2017,
Akers Biosciences, Inc., a New Jersey corporation (the “Company”), entered into an underwriting agreement (the “Underwriting
Agreement”) with Joseph Gunnar & Co., LLC (the “Underwriter”) pursuant to which the Company sold to the
Underwriter in a public offering (the “Offering”) an aggregate of (i) 15,500,000 Class A Units consisting of
an aggregate of 15,500,000 shares of its common stock, no par value per share (the “Common Stock”), and warrants
to purchase an aggregate of 15,500,000 shares of Common Stock, at a public offering price of $0.15 per unit, and (ii) 3,675
Class B Units consisting of an aggregate of 3,675 shares of its Series B Convertible Preferred Stock, with a stated
value of $1,000, and convertible into an aggregate of 24,500,000 shares of Common Stock, and warrants to purchase an aggregate
of 24,500,000 shares of Common Stock, at a public offering price of $1,000 per unit.
The warrants have an exercise
price of $0.1875 per share, are exercisable upon issuance and will expire on December 21, 2022.
In addition, the Underwriter
was granted an over-allotment option (the “Over-allotment Option”) for a period of 45 days to purchase up to an additional
6,000,000 shares of Common Stock and additional warrants to purchase up to an aggregate of 6,000,000 shares of Common Stock.
The offer and sale
by the Company of the securities described above pursuant to the Underwriting Agreement has been registered under
the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-221746),
which was declared effective by the Securities and Exchange Commission on December 18, 2017.
The foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by
reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and
is incorporated herein by reference.