AquaBounty Technologies, Inc. Announces Proposed Public Offering of $10.0 Million of Common Stock
January 27 2020 - 4:05PM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the
“Company”), a land-based aquaculture company utilizing technology
to enhance productivity and sustainability, today announced that it
has commenced a proposed underwritten public offering of
$10.0 million of common stock of the Company. In addition, the
Company expects to grant the underwriter of the offering a 45-day
option to purchase up to an additional $1.5 million of shares
of common stock to cover over-allotments, if any. All shares of
common stock to be sold in the proposed offering will be sold by
the Company. The offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
proposed offering may be completed, or as to the actual size or
terms of the proposed offering.
Lake Street Capital Markets, LLC is acting as
the sole book-running manager for the proposed offering.
The Company currently intends to use the net
proceeds of the proposed offering, if completed, to continue
construction and renovation activities of its existing facilities
in Rollo Bay and Indiana, 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.
The proposed offering will be made only by means
of a prospectus. A preliminary prospectus related to and describing
the terms of the proposed offering has been filed with the
Securities and Exchange Commission (the “SEC”). Copies of the
preliminary prospectus relating to the proposed offering may be
obtained, when available, from Lake Street Capital Markets, LLC,
Attn: Syndicate Department, 920 Second Avenue South, Suite 700,
Minneapolis, Minnesota 55402; by calling 612-326-1305; or by
emailing syndicate@lakestreetcm.com, or at the SEC’s website at
http://www.sec.gov.
A registration statement on Form S-1 (File
No. 333-235919) relating to the securities to be sold in the
proposed offering has been filed with the SEC but has not yet
become effective. These securities may not be sold, nor may offers
to buy be accepted, prior to the time the registration statement
becomes effective. 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 completion, timing, size, and use of
proceeds of the proposed underwritten public offering of common
stock. 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 capital; the final terms of the underwritten public
offering of common stock; market and other conditions; the
satisfaction of customary closing conditions related to the
underwritten public offering of common stock; 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 preliminary prospectus for the proposed
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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