AquaBounty Technologies, Inc. Announces Closing of Public Offering of Common Stock
March 21 2019 - 4:01PM
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 announces
the closing of its previously announced underwritten public
offering of 3,345,282 shares of common stock of the Company at a
public offering price of $2.25 per share. AquaBounty has also
granted the underwriters a 45-day option to purchase up to an
additional 501,792 shares of its common stock at the public
offering price per share, less underwriting discounts and
commissions. The gross proceeds to AquaBounty from the
offering are approximately $7.5 million, before deducting
underwriting discounts and commissions and offering expenses.
H.C. Wainwright & Co. acted as the sole book-running
manager for this offering.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation (Nasdaq: NHLD), acted as co-manager
for the offering.
The Company intends to use the net proceeds of this offering for
working capital costs associated with growing its first batches of
fish at its Indiana and Rollo Bay farm sites and for 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 final prospectus
supplement describing the terms of the offering was filed with the
SEC on March 20, 2019, 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 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 use of proceeds of the underwritten offering of common stock
and the potential for harvests of the Company’s fish. 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 additional
capital; market and other conditions; 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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