AquaBounty Technologies, Inc. Announces Pricing of $13.5 Million Underwritten Public Offering
February 11 2020 - 8:30AM
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 priced an underwritten public offering of an aggregate of
9,000,000 shares of common stock of the Company, at an offering
price of $1.50 per share. In addition, AquaBounty has granted the
underwriter a 45-day option to purchase up to an additional
1,350,000 shares of common stock on the same terms and conditions
to cover over-allotments, if any. All shares of common stock sold
in the offering are being sold by the Company. The offering is
expected to close on or about February 13, 2020, subject to
the satisfaction of customary closing conditions.
Lake Street Capital Markets, LLC is acting as
the sole book-running manager for the offering.
The aggregate gross proceeds to the Company from
this offering are approximately $13.5 million, before
deducting underwriting discounts and commissions and estimated
offering expenses and assuming no exercise of the underwriter’s
option to purchase additional shares. The Company currently intends
to use the net proceeds of this offering 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 securities described above are being offered
by the Company pursuant to a registration statement on Form S-1
(File No. 333-235919), as amended, previously filed with the
Securities and Exchange Commission (the “SEC”) and declared
effective by the SEC on February 10, 2020.
The securities may be offered only by means of a
prospectus. A preliminary prospectus relating to and describing the
terms of the offering has been filed with the SEC and is available
on the SEC’s website at www.sec.gov. Copies of the preliminary
prospectus and, when available, copies of the final prospectus
relating to the offering may be obtained 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.
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.
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 and use of proceeds of
the 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;
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 prospectus for the
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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