Astrotech Announces Closing of $1.77 Million Registered Direct Offering Priced At-the-Market

Date : 03/26/2020 @ 8:22PM
Source : Business Wire
Stock : Astrotech Corporation (ASTC)
Quote : 2.5  -0.18 (-6.72%) @ 11:29PM
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Astrotech Announces Closing of $1.77 Million Registered Direct Offering Priced At-the-Market

Astrotech (NASDAQ:ASTC)
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Astrotech Corporation (NASDAQ: ASTC), today announced that it has closed its previously announced registered direct offering priced at-the-market of 354,000 shares of its common stock at a price of $5.00 per share for aggregate gross proceeds of $1.77 million. The Company intends to use the net proceeds from this offering for continuing operating expenses and working capital.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The shares of common stock were offered by Astrotech pursuant to a "shelf" registration statement on Form S-3 (File No. 333-226060) previously filed with the Securities and Exchange Commission (the "SEC") on July 3, 2018 and declared effective by the SEC on August 20, 2018. The offering of the securities was 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 was filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained 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 Astrotech

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 develops, manufactures, and sells 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.

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 intended use of net proceeds from the registered direct offering, whether we can successfully develop our proprietary technologies 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.

Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

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