Applied DNA Announces Closing of Upsized $12 Million Public Offering
August 08 2022 - 1:15PM
Business Wire
Applied DNA Sciences, Inc., (NASDAQ: APDN) (the “Company” or
“Applied DNA”), a leader in polymerase chain reaction ("PCR")-based
technologies, today announced the closing of its previously
announced public offering of 3,000,000 shares of its common stock
(or common stock equivalents in lieu thereof), together with Series
A warrants to purchase up to 3,000,000 shares of its common stock
and Series B warrants to purchase up to 3,000,000 shares of its
common stock at a combined offering price to the public of $4.00
per share (or common stock equivalent) and associated warrants,
priced at a premium to market under Nasdaq rules. The gross
proceeds to the Company from the offering were $12 million before
deducting the placement agent’s fees and other offering expenses
payable by the Company.
The Series A warrants have an exercise price of $4.00 per share,
are exercisable immediately upon issuance, and expire five years
following the date of issuance. The Series B warrants have an
exercise price of $4.00 per share, are exercisable immediately upon
issuance and expire thirteen months following the date of
issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The offering was conducted pursuant to the Company’s
registration statement on Form S-1 (File No. 333-266223) previously
filed with the Securities and Exchange Commission (SEC), which
became effective on August 4, 2022, and an additional registration
statement filed pursuant to Rule 462(b) which became automatically
effective on August 4, 2022. The offering was made only by means of
a prospectus, which is part of the effective registration
statements. Electronic copies of the final prospectus may be
obtained for free on the SEC’s website located at
http://www.sec.gov and may also be obtained by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other 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 other
jurisdiction.
About Applied DNA Sciences
Applied DNA Sciences is a biotechnology company developing
technologies to produce and detect deoxyribonucleic acid ("DNA").
Using PCR to enable both the production and detection of DNA, we
operate in three primary business markets: (i) the manufacture of
DNA for use in nucleic acid-based therapeutics; (ii) the detection
of DNA in molecular diagnostics testing services; and (iii) the
manufacture and detection of DNA for industrial supply chain
security services.
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The Company’s common stock is listed on NASDAQ under the ticker
symbol ‘APDN,’ and its publicly traded warrants are listed on OTC
under the ticker symbol ‘APPDW.’
Forward-Looking Statements
The statements made by Applied DNA in this press release may be
"forward-looking" in nature within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Forward-looking statements describe Applied DNA's future
plans, projections, strategies, and expectations, and are based on
assumptions and involve a number of risks and uncertainties, many
of which are beyond the control of Applied DNA. Forward-looking
statements include statements relating to the offering, including
the intended use of net proceeds therefrom and the potential
exercise of the warrants. Actual results could differ materially
from those projected due to its history of net losses, limited
financial resources, limited market acceptance, the possibility
that Applied DNA’s testing services could become obsolete or have
their utility diminished and the unknown amount of revenues and
profits that will results from Applied DNA's testing services.
Further, the uncertainties inherent in research and development,
future data and analysis, including whether any of Applied DNA's
current or future diagnostic candidates will advance further in the
research and/or validation process or receiving authorization,
clearance or approval from the FDA, equivalent foreign regulatory
agencies and/or the New York State Department of Health (“NYSDOH”),
and whether and when, if at all, they will receive final
authorization, clearance or approval from the FDA, equivalent
foreign regulatory agencies and/or NYSDOH, the unknown outcome of
any applications or requests to FDA, equivalent foreign regulatory
agencies and/or the NYSDOH, disruptions in the supply of raw
materials and supplies, the fact that there has never been a
commercial drug product utilizing PCR-produced DNA technology
approved for therapeutic use, and various other factors detailed
from time to time in Applied DNA's SEC reports and filings,
including our Annual Report on Form 10-K filed on December 9, 2021,
our Quarterly Report on Form 10-Qs filed on February 10, 2022 and
May 12, 2022, and other reports we file with the SEC, which are
available at www.sec.gov. Applied DNA undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, unless otherwise
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220808005686/en/
Investor Relations Contact: Sanjay M. Hurry,
917-733-5573, sanjay.hurry@adnas.com Web: www.adnas.com
Twitter: @APDN
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