Deal conducted by Maxim Group to finance working capital, development
By Devika Patel
Knoxville, Tenn., March 27 – Applied DNA Sciences Inc. said it priced an $11.46 million public offering of stock with a $1.72 million greenshoe. The deal was announced Thursday.
The company will sell 3.82 million common shares at $3.00 per share.
Investors will also receive warrants for 1,528,000 shares. The warrants are each exercisable at $3.50 until Nov. 20, 2019. The strike price is an 11.47% premium to the March 26 closing share price of $3.14. The price per share is a 4.46% discount to that price.
Maxim Group LLC is the bookrunning manager.
Settlement is expected April 1.
Proceeds will be used for working capital, capital expenditures, business development and research and development expenditures and acquisitions.
Stony Brook, N.Y.-based Applied DNA Sciences provides patented DNA-based technologies to prevent and identify counterfeits.
| Issuer: | Applied DNA Sciences Inc.
|
| Issue: | Common stock
|
| Amount: | $11.46 million
|
| Greenshoe: | $1,719,000
|
| Shares: | 3.82 million
|
| Price: | $3.00
|
| Warrants: | For 1,528,000 shares
|
| Warrant expiration: | Nov. 20, 2019
|
| Warrant strike price: | $3.50
|
| Bookrunner: | Maxim Group LLC
|
| Co-manager: | The Benchmark Co.
|
| Announcement date: | March 26
|
| Pricing date: | March 27
|
| Settlement date: | April 1
|
| Stock symbol: | Nasdaq: APDN
|
| Stock price: | $3.14 at close March 26
|
| Market capitalization: | $46.54 million
|
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