Akers Biosciences Announces $4.6 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
April 07 2020 - 10:53AM
Akers Biosciences, Inc. (the “Company”) (NASDAQ: AKER), a developer
of rapid health information technologies, today announced that it
has entered into definitive agreements with several institutional
and accredited investors for the purchase and sale of 766,667
shares of the Company’s common stock, at a purchase price
of $6.00 per share, in a registered direct offering priced
at-the-market under Nasdaq rules. The closing of the offering is
expected to occur on or about April 9, 2020, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds to the Company from this
offering are expected to be approximately $4.6 million, before
deducting the placement agent’s fees and other offering expenses
payable by the Company. The Company intends to use $250,000 of the
net proceeds from this offering to pay the former members of
Cystron Biotech, LLC, pursuant to the terms of that certain
Membership Interest Purchase Agreement, dated as of March 23, 2020,
and the remaining net proceeds from this offering for working
capital and general corporate purposes.
The shares of common stock are being offered by
the Company pursuant to a "shelf" registration statement on Form
S-3 (File No. 333-234449) previously filed with the Securities and
Exchange Commission (the "SEC") on November 1, 2019, and
declared effective by the SEC on April 7, 2020. The offering
of the securities is made only by means of a prospectus, including
a prospectus supplement, forming a part of the effective
registration statement. A final prospectus supplement and
accompanying prospectus relating to the securities being offered
will be filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying prospectus may be obtained,
when available, on the SEC's website
at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (646) 975-6996 or
e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, 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 is pursuing the development of
a newly acquired license to a coronavirus vaccine candidate. In
addition, the company 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. Akers has previously announced
that that it had identified the hemp and minor cannabinoid
sectors as promising adjacent opportunities that could benefit from
Akers’ existing facility and its core competencies.
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 market and
other conditions 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 and include statements about the completion
of the registered direct offering, the satisfaction of customary
closing conditions related to the registered direct offering and
the intended use of net proceeds from the registered direct
offering. 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.
Additional information on the company and its
products can be found at www.akersbio.com.
Contact:
Investor Relations: Hayden IRBrett Mass,
Managing PartnerPhone: (646) 536-7331Email:
brett@haydenir.comwww.haydenir.com
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