Astrotech Announces $6.2 Million Registered Direct Offering Priced At-the-Market
October 29 2020 - 7:00AM
Business Wire
Astrotech Corporation (NASDAQ: ASTC), today announced that it
has entered into definitive agreements with several institutional
investors for the purchase and sale of 2,887,906 shares of
Astrotech's common stock, at a purchase price of $2.15 per share,
in a registered direct offering priced at-the-market under Nasdaq
rules. The closing of the offering is expected to occur on or about
October 30, 2020, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to Astrotech from this offering are expected
to be $6.2 million, before deducting the placement agent’s fees and
other offering expenses payable by Astrotech. The Company intends
to use the net proceeds from this offering for continuing operating
expenses and working capital.
The shares of common stock are being 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 will be
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 will be filed with the SEC.
Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, 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 Corporation
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 is developing 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.
Forward-Looking Statements
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 severity and duration
of the COVID-19 pandemic and its impact on the U.S. and worldwide
economy, the timing, scope and effect of further U.S. and
international governmental, regulatory, fiscal, monetary and public
health responses to the COVID-19 pandemic, the completion of the
registered direct offering and the Company’s use of proceeds from
the registered direct offering, whether we can successfully
complete the development of our new products and proprietary
technologies, whether we can obtain the FDA and other regulatory
approvals required to market our products under development in the
United States or abroad, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201029005205/en/
Company Contact: Eric Stober, Chief Financial Officer,
Astrotech Corporation, (512) 485-9530
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