Astrotech Announces Pricing of $18.0 Million Upsized Public Offering
October 21 2020 - 01:15PM
Business Wire
Astrotech Corporation (Nasdaq: ASTC), today announced the
pricing of a public offering of an aggregate of 7,826,086 shares of
common stock, at a purchase price of $2.30 per share of common
stock. The closing of the public offering is expected to occur on
or about October 23, 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 of the offering are expected to be
approximately $18.0 million, prior to deducting placement agent’s
fees and other offering expenses payable by Astrotech. Astrotech
plans to use the proceeds from the offering for continuing
operating expenses and working capital.
The securities described above are being offered by Astrotech
pursuant to a registration statement on Form S-1 (File No.
333-239705) previously filed with and declared effective by the
U.S. Securities and Exchange Commission (“SEC”) on October 21, 2020
and an additional registration statement on Form S-1 filed pursuant
to Rule 462(b) which became automatically effective on October 21,
2020. The offering is being made only by means of a prospectus
forming part of the effective registration statement. A preliminary
prospectus relating to the offering has been filed with the SEC.
Electronic copies of the preliminary prospectus and, when
available, electronic copies of the final prospectus relating to
the offering may be obtained for free by visiting the SEC’s website
at www.sec.gov or by contacting H.C. Wainwright & Co.,
LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email
at placements@hcwco.com or by telephone at 646-975-6996.
This press release shall 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 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 Astrotech Corporation
Astrotech (NASDAQ: ASTC) is a science and technology development
and commercialization company that launches, manages, and builds
scalable companies based on innovative technology in order to
maximize shareholder value. 1st Detect develops,
manufactures, and sells trace detectors for use in the security and
detection market. AgLAB is developing chemical analyzers for
use in the agriculture market. BreathTech is developing a
breath analysis tool to provide early detection of lung diseases.
Astrotech is headquartered in Austin, Texas. For information,
please visit www.astrotechcorp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, market and other conditions, the severity and duration
of the COVID-19 pandemic and its impact on the U.S. and worldwide
economy, the timing, scope and effect of further U.S. and
international governmental, regulatory, fiscal, monetary and public
health responses to the COVID-19 pandemic, the completion of the
public offering and the Company’s use of proceeds from the public
offering, whether we can successfully complete the development of
our new products and proprietary technologies, whether we can
obtain the FDA and other regulatory approvals required to market
our products under development in the United States or abroad, and
whether the market will accept our products and services, as well
as other risk factors and business considerations described in the
Company’s Securities and Exchange Commission filings, including the
annual report on Form 10-K. Any forward-looking statements in this
document should be evaluated in light of these important risk
factors. In addition, any forward-looking statements included in
this press release represent the Company’s views only as of the
date of its publication and should not be relied upon as
representing its views as of any subsequent date. The Company
assumes no obligation to update these forward-looking statements,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201021005840/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
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