Akers BioSciences, Inc. Announces Closing of Approximately $8 Million Public Offering
December 09 2019 - 11:40AM
Akers Biosciences, Inc. (the “Company” or “we”) (NASDAQ: AKER), a
developer of rapid health information technologies, today announced
the closing of its previously announced public offering of 613,500
common units at a public offering price of $4.00 per unit and
1,376,500 pre-funded units at a public offering price of $3.9999
per pre-funded unit, raising gross proceeds of $7.96 million,
before deducting placement agent’s fees and other estimated
offering expenses payable by Akers, assuming none of the preferred
stock warrants issued in this offering are exercised. 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.
H.C. Wainwright & Co. is acted as exclusive placement agent
for the offering.
Each unit sold in this offering is comprised of
one share of common stock and one preferred stock warrant to
purchase one share of Series C Convertible Preferred Stock. Each
pre-funded unit sold in this offering included one pre-funded
warrant to purchase one share of common stock at an exercise price
of $0.0001 per share, and one preferred stock warrant to purchase
one share of Series C Convertible Preferred Stock. Each preferred
stock warrant is 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
and pre-funded 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 shares of common stock (or the pre-funded warrants, as the case
may be) and the accompanying preferred stock warrants included in
the units or the pre-funded units were purchased together in this
offering, but were issued separately.
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 (File
No. 333-235359) was filed pursuant to Rule 462(b), which became
automatically effective on December 5, 2019. The offering was made
only by means of a prospectus forming part of the effective
registration statements. 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 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 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 IR Brett Mass, Managing Partner Phone: (646) 536-7331
Email: brett@haydenir.comwww.haydenir.com
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