[Biotech&Pharma] AquaBounty Technologies, Inc. Announces Closing of Public Offering of Common Stock and Exercise of Over-Allotment Option in Full

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MAYNARD, Mass., Feb. 13, 2020 (GLOBE NEWSWIRE) — 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) …

Full story available on Benzinga.com

Source Benzinga

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