Akers Biosciences Inc. (AKER)

[davidsson10]

Akers Biosciences Announces $4.6 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules

April 07, 2020 10:53 ET | Source: Akers Biosciences Inc.

Thorofare, New Jersey, April 07, 2020 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (the “Company”) (NASDAQ: AKER), a developer of rapid health information technologies, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 766,667 shares of the Company’s common stock, at a purchase price of $6.00 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about April 9, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from this offering are expected to be approximately $4.6 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use $250,000 of the net proceeds from this offering to pay the former members of Cystron Biotech, LLC, pursuant to the terms of that certain Membership Interest Purchase Agreement, dated as of March 23, 2020, and the remaining net proceeds from this offering for working capital and general corporate purposes.

The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-234449) previously filed with the Securities and Exchange Commission (the "SEC") on November 1, 2019, and declared effective by the SEC on April 7, 2020. The offering of the securities is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at [phone] or e-mail at [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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.