AquaBounty Technologies, Inc. Announces Closing of $65.2 Million Upsized Public Offering of Common Stock, Including Full Exer...
December 14 2020 - 4:05PM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the
“Company”), a land-based aquaculture company utilizing technology
to enhance productivity and sustainability, today announced the
closing of its previously announced underwritten public offering of
10,028,000 shares of common stock of the Company at a price to the
public of $6.50 per share, which includes the underwriters’ full
exercise of their option to purchase 1,308,000 shares at the public
offering price less underwriting discounts and commissions. The
gross proceeds to AquaBounty from the offering are approximately
$65.2 million, before deducting underwriting discounts and
commissions and offering expenses.
Oppenheimer & Co. Inc. and Lake Street Capital Markets, LLC
acted as joint book-running managers for this offering. National
Securities Corporation, a wholly owned subsidiary of National
Holdings Corporation (NASDAQ: NHLD), acted as co-manager for the
offering.
The Company currently intends to use the net proceeds of this
offering for general corporate purposes, including for the purchase
of land and 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
payment 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 April 27, 2018, and a related registration
statement on Form S-3 was filed with the SEC on December 10, 2020
pursuant to Rule 462(b) under the Securities Act of 1933, as
amended. A final prospectus supplement describing the terms of the
offering was filed with the SEC on December 10, 2020, 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
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 additional
capital, market and other conditions, 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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