Biotech

AquaBounty has priced a public offering of an aggregate of 9 million of its shares of common stock at an offering price of US$1.50 per share.

AquaBounty Technologies (NASDAQ:AQB) has priced an underwritten public offering of an aggregate of 9 million of its shares of common stock at an offering price of US$1.50 per share for a total of US$13.5 million.

As quoted in the press release”

In addition, AquaBounty has granted the underwriter a 45-day option to purchase up to an additional 1,350,000 shares of common stock on the same terms and conditions to cover over-allotments, if any. All shares of common stock sold in the offering are being sold by the Company. The offering is expected to close on or about February 13, 2020, subject to the satisfaction of customary closing conditions.

Lake Street Capital Markets, LLC is acting as the sole book-running manager for the offering.

The aggregate gross proceeds to the Company from this offering are approximately $13.5 million, before deducting underwriting discounts and commissions and estimated offering expenses and assuming no exercise of the underwriter’s option to purchase additional shares. 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.

Click here to read the full press release.

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