MAYNARD, Mass., Dec. 14, 2020 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (Nasdaq: AQB), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced the closing of its previously announced underwritten public offering of 10,028,000 shares of common stock of the Company at a price to the public of $6.50 per share, which includes the underwriters’ full exercise of their option to purchase 1,308,000 shares at the public offering price less underwriting discounts and commissions. The gross proceeds to AquaBounty from the offering are approximately $65.2 million, before deducting underwriting discounts and commissions and offering expenses.
Oppenheimer & Co. Inc. and Lake Street Capital Markets, LLC acted as joint book-running managers for this offering. National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ: NHLD), acted as co-manager for the offering.
The Company currently intends to use the net proceeds of this offering for general corporate purposes, including for the purchase of land and the payment of costs associated with the construction or site development for a new production farm, investing further in our sales and marketing and research and development efforts and payment of anticipated general and administrative expenses.
About AquaBounty
AquaBounty Technologies, Inc. is a leader in the field of land-based aquaculture and the use of technology for improving its productivity and sustainability. The Company’s objective is to ensure the availability of high-quality seafood to meet global consumer demand, while addressing critical production constraints in the most popular farmed species.
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.
