Applied DNA Sciences Announces Pricing of Upsized $12.0 Million Underwritten Public Offering
November 13 2019 - 8:20AM
Business Wire
Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA” or the
“Company”) a leader in Polymerase Chain Reaction (PCR)-based DNA
manufacturing for product authenticity, traceability solutions and
nucleic acid-based biotherapeutic research, today announced the
pricing of an underwritten public offering of 2,285,000 shares of
its common stock and warrants to purchase up to an aggregate of
2,285,000 shares of common stock. Each share of common stock is
being sold together with one warrant to purchase one share of
common stock at a combined effective price to the public of $5.25
per share and accompanying warrant. Gross proceeds, before
underwriting discounts and commissions and estimated offering
expenses, are expected to be approximately $12.0 million, not
including any amounts received upon exercise of the warrants.
The warrants will be immediately exercisable at a price of $5.25
per share of common stock and will expire five years from the date
of issuance. The shares of common stock and the accompanying
warrants, can only be purchased together in the offering, but will
be issued separately. The offering is expected to close on or about
November 15, 2019, subject to customary closing conditions.
Maxim Group LLC is acting as the book-running manager and Joseph
Gunnar & Co. LLC is acting as a co-manager in connection with
the offering.
Applied DNA has granted the underwriters a 45-day option to
purchase up to an additional 342,750 shares of common stock and/or
warrants to purchase up to 342,750 shares of common stock, at the
public offering price less discounts and commissions.
The Securities and Exchange Commission (the “SEC”) declared
effective a registration statement on Form S-1 (File No.
333-233830) relating to these securities on November 13, 2019. A
final prospectus relating to the offering will be filed with the
SEC and will be available on the SEC's website at
http://www.sec.gov. The offering is being made only by means of a
prospectus forming part of the effective registration statement.
Electronic copies of the prospectus relating to this offering, when
available, may be obtained from Maxim Group LLC, 405 Lexington
Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745. Before
investing in this offering, interested parties should read in its
entirety the registration statement that the Company has filed with
the SEC, which provides additional information about the Company
and this offering.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may 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 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 Reform 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 the substantial doubt
relating to Applied DNA’s ability to continue as a going concern,
our ability to successfully enter into commercial contracts for the
implementation of our CertainT® platform, the possibility of
failure to make timely payment on its outstanding secured
convertible notes and resulting enforcement by noteholders of
remedies on collateral which includes substantially all of Applied
DNA’s assets, the Company’s history of net losses, limited
financial resources, limited market acceptance, the uncertainties
inherent in research and development, future clinical data and
analysis, including whether any of Applied DNA’s product candidates
will advance further in the preclinical research or clinical trial
process, uncertainties relating to its ability to maintain its
NASDAQ listing after December 31, 2019 in light of delisting
notices received and its recent hearing, 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, as amended, and our subsequent quarterly reports on Form
10-Q filed on February 7, 2019, May 9, 2019 and August 13, 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/20191113005499/en/
Investors: Sanjay M. Hurry, LHA Investor Relations,
212-838-3777, shurry@lhai.com web: www.adnas.com twitter:
@APDN
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