MAYNARD, Mass., April 04, 2019 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (Nasdaq: AQB), a biotechnology company focused on enhancing productivity in the aquaculture market and a subsidiary of Intrexon Corporation (Nasdaq: XON), today announced the pricing of its previously announced underwritten public offering of 2,554,590 shares of common stock of the Company at a price to the public of $2.25 per share. In addition, the Company has granted the underwriters of the offering a 45-day option to purchase up to 383,188 additional shares of common stock at the public offering price, less underwriting discounts and commissions. AquaBounty expects to receive aggregate gross proceeds of approximately $5.75 million from the offering. The offering is expected to close on or about April 9, 2019, subject to customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD), is acting as co-manager for the offering.
The Company currently expects to use the net proceeds of this offering to fully fund working capital costs associated with growing its first batches of fish at our Indiana and Rollo Bay farm sites and other general corporate purposes.
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.
More information about AquaBounty is available at www.aquabounty.com.
