Akers BioSciences, Inc. Announces Pricing of Approximately $8 Million Public Offering
Thorofare, New Jersey, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (the “Company” or “we”) (NASDAQ: AKER), a developer of rapid health information technologies, today announced the pricing of a public offering of 1,990,000 units. Each unit is comprised of one share of common stock (or common stock equivalent) and one preferred stock warrant to purchase one share of Series C Convertible Preferred Stock. The units are being offered at a public offering price of $4.00 per unit.
H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.
The preferred stock warrants will be exercisable immediately at an exercise price of $4.00 per share of Series C Convertible Preferred Stock. Before any shares of Series C Convertible Preferred Stock can become convertible, Akers must receive stockholder approval of an amendment (the “Charter Amendment”) to its amended and restated certificate of incorporation to sufficiently increase its authorized shares of common stock to cover the conversion of all outstanding shares of Series C Convertible Preferred Stock into common stock. The preferred stock warrants contained in the units will expire on the five year anniversary of the date on which Akers publicly announces through the filing of a Current Report on Form 8-K that the Charter Amendment has been filed with the Secretary of State of the State of New Jersey.
The gross proceeds of the offering are expected to be $7.96 million, before deducting the placement agent’s fees and other estimated offering expenses payable by Akers, assuming none of the preferred stock warrants to be issued in this offering are exercised. The offering is expected to close on or about December 9, 2019, subject to the satisfaction of customary closing conditions.
Akers intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include funding the exploration of strategic alternatives.
The registration statement on Form S-1 (File No. 333-234447) relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on December 5, 2019 and an additional registration statement on Form S-1 filed pursuant to Rule 462(b), which became automatically effective on December 5, 2019. The offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering may be obtained for free by visiting the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to the offering may be obtained, when available, by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or by emailing email@example.com.
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 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 Akers Biosciences Inc.
Akers Biosciences develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring health related information directly to the patient or clinician in a timely and cost-efficient manner.
Additional information on the company and its products can be found at www.akersbio.com.
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include the Company’s expectation regarding the offering and the exercise of the preferred stock warrants, and the risk that the proposed public offering will not be consummated, the need for additional financing, and any risks detailed from time to time in Akers' reports filed with the Securities and Exchange Commission, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although Akers believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. Akers does not have any obligation to update these forward-looking statements other than as required by law.
Brett Mass, Managing Partner
Phone: (646) 536-7331