Akers BioSciences, Inc. Announces Pricing of Approximately $8 Million Public Offering
December 05 2019 - 9:25AM
Akers Biosciences, Inc. (the “Company” or “we”) (NASDAQ: AKER), a
developer of rapid health information technologies, today announced
the pricing of a public offering of 1,990,000 units. Each unit is
comprised of one share of common stock (or common stock equivalent)
and one preferred stock warrant to purchase one share of Series C
Convertible Preferred Stock. The units are being offered at a
public offering price of $4.00 per unit.
H.C. Wainwright & Co. is acting as exclusive placement agent
for the offering.
The preferred stock warrants will be exercisable
immediately at an exercise price of $4.00 per share of Series C
Convertible Preferred Stock. Before any shares of Series C
Convertible Preferred Stock can become convertible, Akers must
receive stockholder approval of an amendment (the “Charter
Amendment”) to its amended and restated certificate of
incorporation to sufficiently increase its authorized shares of
common stock to cover the conversion of all outstanding shares of
Series C Convertible Preferred Stock into common stock. The
preferred stock warrants contained in the units will expire on the
five year anniversary of the date on which Akers publicly announces
through the filing of a Current Report on Form 8-K that the Charter
Amendment has been filed with the Secretary of State of the State
of New Jersey.
The gross proceeds of the offering are expected
to be $7.96 million, before deducting the placement agent’s fees
and other estimated offering expenses payable by Akers, assuming
none of the preferred stock warrants to be issued in this offering
are exercised. The offering is expected to close on or about
December 9, 2019, subject to the satisfaction of customary closing
conditions.
Akers intends to use the net proceeds from the
offering for working capital and other general corporate purposes,
which may include funding the exploration of strategic
alternatives.
The registration statement on Form S-1 (File No.
333-234447) relating to these securities was declared effective by
the Securities and Exchange Commission (the “SEC”) on December 5,
2019 and an additional registration statement on Form S-1 filed
pursuant to Rule 462(b), which became automatically effective on
December 5, 2019. The offering is being made only by means of a
prospectus forming part of the effective registration statement.
Copies of the preliminary prospectus and, when available, copies of
the final prospectus, relating to the offering may be obtained for
free by visiting the SEC’s website at http://www.sec.gov.
Electronic copies of the final prospectus relating to the offering
may be obtained, when available, by contacting H.C. Wainwright
& Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by
calling (646) 975-6996 or by emailing placements@hcwco.com.
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 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 Akers Biosciences Inc.
Akers Biosciences develops, manufactures, and
supplies rapid, point of care screening and testing products
designed to bring health related information directly to the
patient or clinician in a timely and cost-efficient manner.
Additional information on the company and its products can be
found at www.akersbio.com.
Forward-Looking Statements
Statements in this press release relating to
plans, strategies, trends, specific activities or investments, and
other statements that are not descriptions of historical facts and
may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
information is inherently subject to risks and uncertainties, and
actual results could differ materially from those currently
anticipated due to a number of factors, which include the Company’s
expectation regarding the offering and the exercise of the
preferred stock warrants, and the risk that the proposed public
offering will not be consummated, the need for additional
financing, and any risks detailed from time to time in Akers'
reports filed with the Securities and Exchange Commission, Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K. Forward-looking statements may be identified
by terms such as "may," "will," "expects," "plans," "intends,"
"estimates," "potential," or "continue," or similar terms or the
negative of these terms. Although Akers believes the expectations
reflected in the forward-looking statements are reasonable, they
cannot guarantee that future results, levels of activity,
performance or achievements will be obtained. Akers does not have
any obligation to update these forward-looking statements other
than as required by law. Contact:
Investor Relations:
Hayden IRBrett Mass, Managing PartnerPhone: (646) 536-7331Email:
brett@haydenir.comwww.haydenir.com
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