AquaBounty Technologies, Inc. Announces Closing of Public Offering of Common Stock and Exercise of Over-Allotment Option in F...
February 13 2020 - 3:05PM
AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the
“Company”), a land-based aquaculture company utilizing technology
to enhance productivity and sustainability, today announces the
closing of its previously announced underwritten public offering of
an aggregate of 10,350,000 shares of common stock of the Company at
a public offering price of $1.50 per share, which includes the
exercise in full of the underwriters’ option to purchase an
additional 1,350,000 shares of common stock to cover
over-allotments. The gross proceeds to AquaBounty from the offering
are approximately $15.5 million, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by AquaBounty.
Lake Street Capital Markets, LLC acted as the
sole book-running manager for the offering.
The Company currently intends to use the net
proceeds of this offering to continue construction and renovation
activities of its existing facilities in Rollo Bay and Indiana, for
working capital costs associated with growing its first batches of
fish at its Indiana and Rollo Bay farm sites and for other general
corporate purposes.
A registration statement on Form S-1 (File
No. 333-235919), as amended, relating to the public offering
of the shares of common stock described above was filed with the
Securities and Exchange Commission (the “SEC”) and was declared
effective on February 10, 2020, and a related registration
statement on Form S-1 (File No. 333-236386) was filed
with the SEC pursuant to Rule 462(b) under the Securities Act
of 1933, as amended, on February 12, 2020. The final
prospectus relating to and describing the terms of the offering has
been filed with the SEC and is available on the SEC’s website at
www.sec.gov. Copies of the final prospectus relating to the
offering may be obtained from Lake Street Capital Markets, LLC,
Attn: Syndicate Department, 920 Second Avenue South, Suite 700,
Minneapolis, Minnesota 55402, 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 publicly
traded aquaculture company focused on improving productivity and
sustainability in commercial aquaculture. The Company’s objective
is the application of biotechnology to ensure the availability of
high-quality seafood to meet global consumer demand-addressing
critical production constraints in the most popular farmed species,
including salmon, trout, and tilapia.
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 use of proceeds of the underwritten
public 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 capital;
market and other conditions; AquaBounty’s business and financial
condition; and the impact of general economic, 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 for the 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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