AquaBounty Technologies, Inc. Announces Pricing of $110.5 Million Public Offering of Common Stock
February 04 2021 - 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 the
pricing of its previously announced underwritten public offering of
13,000,000 shares of common stock of the Company at a price to the
public of $8.50 per share. AquaBounty expects to receive aggregate
gross proceeds of approximately $110.5 million from the offering.
In addition, the Company has granted the underwriters of the
offering a 30-day option to purchase up to 1,950,000 additional
shares of common stock at the public offering price, less
underwriting discounts and commissions. The offering is expected to
close on or about February 8, 2021, subject to customary closing
conditions.
Oppenheimer & Co. Inc. and Lake Street Capital Markets, LLC
are acting as joint book-running managers for this offering.
The Company currently intends to use the net proceeds of this
offering for general corporate purposes, including the payment of
costs associated with the construction or site development for a
new production farm, investing further in our sales and marketing
and research and development efforts and payments of anticipated
general and administrative expenses.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
filed with the Securities and Exchange Commission (“SEC”) and was
declared effective on January 25, 2021. A preliminary prospectus
supplement 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 final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained, when
available, from Oppenheimer & Co. Inc. Attention: Syndicate
Prospectus Department, 85 Broad Street, 26th Floor, New York, NY
10004, or by calling (212) 667-8563, or by emailing
EquityProspectus@opco.com; or Lake Street Capital Markets, LLC,
Attention: Syndicate Department, 920 Second Avenue South, Suite
700, Minneapolis, Minnesota 55402, or 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 leader in the field of
land-based aquaculture and the use of technology for improving its
productivity and sustainability. The Company’s objective is to
ensure the availability of high-quality seafood to meet global
consumer demand, while addressing critical production constraints
in the most popular farmed species.
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, timing, size, and use of proceeds of the proposed
underwritten 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 offering of common stock,
market and other conditions, the satisfaction of customary closing
conditions related to the underwritten offering of common stock,
AquaBounty’s business and financial condition, and the impact of
general economic, public health, 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 supplement for
this 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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