MAYNARD, Mass., April 09, 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 announces the closing of its previously announced underwritten public offering of 2,554,590 shares of common stock of the Company at a public offering price of $2.25 per share. AquaBounty has also granted the underwriters a 45-day option to purchase up to an additional 383,188 shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The gross proceeds to AquaBounty from the offering are approximately $5.75 million, before deducting underwriting discounts and commissions and offering expenses.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (Nasdaq: NHLD), acted 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.
