Akers Biosciences Announces $4.8 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
May 14 2020 - 1:00PM
Akers Biosciences, Inc. (the “Company”) (NASDAQ: AKER), a developer
of rapid health information technologies, today announced that it
has entered into definitive agreements with several institutional
and accredited investors for the purchase and sale of 1,366,856
shares of the Company’s common stock, at a purchase price
of $3.53 per share, in a registered direct offering priced
at-the-market under Nasdaq rules. The closing of the offering is
expected to occur on or about May 18, 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 to the Company from this
offering are expected to be approximately $4.8 million, before
deducting the placement agent’s fees and other offering expenses
payable by the Company.
The shares of common stock are being offered by
the Company pursuant to a "shelf" registration statement on Form
S-3 (File No. 333-234449) previously filed with the Securities and
Exchange Commission (the "SEC") on November 1, 2019, and
declared effective by the SEC on April 7, 2020. The offering
of the securities is made only by means of a prospectus, including
a prospectus supplement, forming a part of the effective
registration statement. A final prospectus supplement and
accompanying prospectus relating to the securities being offered
will be filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying prospectus may be obtained,
when available, on the SEC's website
at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (646) 975-6996 or
e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Akers Biosciences
Inc.
Akers Biosciences is pursuing the development of
a newly acquired license to a coronavirus vaccine candidate. In
addition, the company develops, manufactures, and supplies rapid,
point of care screening and testing products designed to bring
health related information directly to the patient or clinician in
a timely and cost-efficient manner. Akers has previously announced
that that it had identified the hemp and minor cannabinoid
sectors as promising adjacent opportunities that could benefit from
Akers’ existing facility and its core competencies.
Forward-Looking Statements
Certain statements in this press release that
are forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements of historical fact, and may be identified by words such
as “anticipates,” “assumes,” “believes,” “can,” “could,”
“estimates,” “expects,” “forecasts,” “guides,” “intends,” “is
confident that”, “may,” “plans,” “seeks,” “projects,” “targets,”
and “would,” and their opposites and similar expressions are
intended to identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management
as well as assumptions made by and information currently available
to management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors, including, but not limited to, our ability to
complete of the registered direct offering, the satisfaction of
customary closing conditions related to the registered direct
offering, market and other conditions, changes in the market
acceptance of the company’s products and services; challenges we
may face in identifying, acquiring and operating new business
opportunities; the outcome of litigation or other proceedings to
which the company is subject or which it may become subject to in
the future; increased levels of competition; changes in political,
economic or regulatory conditions generally and in the markets in
which the company operates; the company’s relationships with its
key customers; adverse conditions in the industries in which the
company’s customers operate; the company’s ability to retain and
attract senior management and other key employees; the company’s
ability to quickly and effectively respond to new technological
developments; the company’s ability to protect its trade secrets or
other proprietary rights, operate without infringing upon the
proprietary rights of others and prevent others from infringing on
the company’s proprietary rights; the company’s ability to achieve
the expected benefits and costs of the transactions related to the
acquisition of Cystron Biotech, LLC, including, the timing of, and
the company’s ability to, obtain and maintain regulatory approvals
for clinical trials of the company’s vaccine product candidate, the
timing and results of the company’s planned clinical trials for its
vaccine product candidate, the amount of funds the company requires
for its vaccine product candidate, and the company’s ability to
maintain its license with Premas Biotech PVT Ltd; and the impact of
the recent COVID-19 outbreak on the company’s results of
operations, business plan and the global economy. A discussion of
these and other factors, including risks and uncertainties with
respect to the company, is set forth in the company’s filings with
the SEC, including its annual report on Form 10-K filed with the
Securities and Exchange Commission, as may be supplemented or
amended by the company’s Quarterly Reports on Form 10-Q. The
company disclaims any intention or obligation to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Additional information on the company and its
products can be found at www.akersbio.com.
Contact:
Investor Relations: Hayden IR
Brett Mass, Managing PartnerPhone: (646)
536-7331Email: brett@haydenir.comwww.haydenir.com
Akers Biosciences (NASDAQ:AKER)
Historical Stock Chart
From Aug 2024 to Sep 2024
Akers Biosciences (NASDAQ:AKER)
Historical Stock Chart
From Sep 2023 to Sep 2024