Applied DNA Raises $1.5 Million In Secured Convertible Notes
July 17 2019 - 11:07AM
Business Wire
Existing Notes Amended as Part of Plan to
Strengthen Balance Sheet and Regain Nasdaq Listing Standards
Compliance
Applied DNA Sciences, Inc. (NASDAQ: APDN)
(“Applied DNA” or the “Company”), a leader in PCR-based (Polymerase
Chain Reaction) DNA manufacturing for product authenticity and
traceability solutions, today announced that it closed on $1.5
million in gross proceeds in secured convertible notes (the “July
2019 Notes”) by way of non-brokered private placement with an
accredited investor, Dillon Hill Capital, LLC. Under the terms of
the July 2019 Notes, Dillon Hill retains the option to make
additional investments in the Notes over the next 90 calendar days.
The Company expects to use the net proceeds for general corporate
purposes.
Simultaneously and as part of the Company’s plan to regain
NASDAQ listing standards compliance, Applied DNA announced it has
amended the terms of its secured convertible notes issued on August
31, 2018 and November 29, 2018 (“the Existing Notes”) to, among
other amendments, reduce the conversion price of the Existing Notes
to $0.54 to facilitate their conversion into equity.
“We appreciate the investment and support of our new and
existing Notes holders,” stated Dr. James Hayward. “We remain
focused on growth for the balance of fiscal 2019.”
The aggregate outstanding principal amount of the July 2019
Notes and Existing Notes is $3.8 million with a maturity date of
November 28, 2021 for all notes. For more information on the July
2019 Notes and the amendments to the Existing Notes, please see the
Company’s filing with the Securities and Exchange Commission.
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable
supply chain security, anti-counterfeiting and anti-theft
technology, product genotyping and
pre-clinical nucleic acid-based therapeutic drug
candidates.
Applied DNA makes life real and safe by providing innovative,
molecular-based technology solutions and services that can help
protect products, brands, entire supply chains, and intellectual
property of companies, governments and consumers from theft,
counterfeiting, fraud and diversion.
Visit adnas.com for more information. Follow us
on Twitter and LinkedIn. Join our mailing
list.
Common stock listed on NASDAQ under the symbol APDN, and
warrants are listed under the symbol APDNW.
Forward-Looking Statements
The statements made by Applied DNA in this press release may be
“forward-looking” in nature within the meaning of the Private
Securities Litigation Act of 1995. Forward-looking statements
describe Applied DNA’s future plans, projections, strategies and
expectations, and are based on assumptions and involve a number of
risks and uncertainties, many of which are beyond the control of
Applied DNA. Actual results could differ materially from those
projected due to its ability to repay the Notes if not converted,
history of net losses, limited financial resources, limited market
acceptance, ability to maintain its NASDAQ listing and various
other factors detailed from time to time in Applied DNA’s SEC
reports and filings, including our Annual Report on Form 10-K filed
on December 18, 2018 and our subsequent quarterly reports on Form
10-Q filed on February 7, 2019 and May 9, 2019, and other reports
we file with the SEC, which are available at www.sec.gov. Applied
DNA undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date hereof to reflect the occurrence of unanticipated
events, unless otherwise required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190717005573/en/
For Applied DNA: investor contact: Sanjay M.
Hurry, LHA Investor Relations, 212-838-3777, shurry@lhai.com
web: www.adnas.com twitter: @APDN
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