AquaBounty Technologies, Inc. Announces Proposed Public Offering of Common Stock
March 19 2019 - 6:00AM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the
“Company”), a biotechnology company focused on enhancing
productivity in the aquaculture market and a majority-owned
subsidiary of Intrexon Corporation (Nasdaq: XON), today announced
the pricing of its previously announced underwritten public
offering of 3,345,282 shares of common stock of the Company at a
price to the public of $2.25 per share. AquaBounty expects to
receive aggregate gross proceeds of approximately $7.5 million
from the offering. The offering is expected to close on or about
March 21, 2019, subject to customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for this offering.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation (NASDAQ:NHLD), is acting as
co-manager for the offering.
In addition, the Company has granted the underwriters of the
offering a 45-day option to purchase up to 501,792 additional
shares of common stock at the public offering price, less
underwriting discounts and commissions.
The Company currently intends to use the net proceeds of this
offering for 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 preliminary prospectus
supplement describing the terms of the offering has been filed with
the SEC 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, when
available, 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 completion, timing, size, and use of proceeds of the proposed
underwritten offering of common stock. 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 capital,
the final terms of the underwritten offering of common stock,
market and other conditions, the satisfaction of customary closing
conditions related to the underwritten offering of common stock,
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
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