Applied DNA Announces Pricing for Increased Public Offering of $12 Million Above Market Under Nasdaq Rules
STONY BROOK, NY, August 04, 2022–(BUSINESS WIRE)–Applied DNA Sciences, Inc., (NASDAQ: APDN) (the “Company” or “Applied DNA”), a leader in polymerase chain reaction (“PCR”)-based technologies, today announced the pricing of a public offering of 3,000,000 common shares (or common stock equivalents in lieu), together with Series A warrants to purchase up to 3,000 000 common shares and Series B warrants to purchase up to 3,000,000 common shares at a combined offering price to the public of $4.00 per share (or the equivalent in common shares ) and related warrants, at a premium to the market under Nasdaq rules. The Series A warrants will have an exercise price of $4.00 per share, are exercisable upon issuance and will expire five years from the date of issuance. The Series B Warrants will have an exercise price of $4.00 per share, will be exercisable upon issuance and will expire thirteen months from the date of issuance. The offering is expected to close on or about August 8, 2022, subject to the satisfaction of customary closing conditions.
HC Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected to be $12 million, before deducting placement agent fees and other offering costs payable by the Company. The Company intends to use the net proceeds of this offering to further develop the Company’s therapeutic DNA production and MDx testing services, as well as for general corporate purposes, which may include research and development expenses, capital expenditures, working capital, and general and administrative expenses. , and potential acquisitions or investments in companies, products and technologies that complement our business, although the Company currently has no commitment or agreement to make such acquisitions or investments.
The securities described above are offered pursuant to a registration statement on Form S-1 (File No. 333-266223) previously filed with the Securities and Exchange Commission (SEC) effective August 4, 2022 and a supplemental registration statement filed pursuant to Rule 462(b) which automatically became effective on August 4, 2022. The offering is being made solely by means of a prospectus, which forms part of the effective registration statements. When available, electronic copies of the final prospectus may be obtained free of charge from the SEC’s website at http://www.sec.gov and may also be obtained by contacting HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or by email at email@example.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, and there will be no sale of such securities in any state or other jurisdiction in which a such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
About Applied DNA Science
Applied DNA Sciences is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid (“DNA”). Using PCR to enable both the production and detection of DNA, we operate in three main commercial markets: (i) the manufacture of DNA for use in nucleic acid therapies; (ii) DNA detection in molecular diagnostic testing services; and (iii) manufacturing and DNA detection for industrial supply chain security services.
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The Company’s common stock trades on NASDAQ under the symbol “APDN” and its publicly traded warrants trade on the OTC under the symbol “APPDW”.
Statements made by Applied DNA in this press release may be “forward-looking” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Applied DNA’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond Applied DNA’s control. Forward-looking statements include statements relating to the offering, including the completion of the offering, the satisfaction of customary closing conditions relating to the offering, the expected proceeds of the offering and the expected use of net proceeds of the latter, the time of the closing of the offer and the potential exercise of the warrants. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance, the possibility that Applied DNA’s testing services may become obsolete or have their usefulness diminished and the unknown amount of revenue and profit that will result. Applied DNA testing services. In addition, inherent uncertainties in future research and development, data and analysis, including whether any of Applied DNA’s current or future diagnostic candidates will progress further through the research and/or validation process or receive clearance, clearance, or approval from the FDA, equivalent foreign regulatory agencies, and/or the New York State Department of Health (“NYSDOH”), and if and when, if any, they will receive final clearance, clearance, or approval from the FDA, equivalent foreign regulatory agencies, and/or NYSDOH, the unknown outcome of any application or request to the FDA, equivalent foreign regulatory agencies, and / or NYSDOH, disruptions in the supply of raw materials and supplies, and various other factors detailed from time to time in reports and filings by Applied DNA with the SEC, including our Annual Report on Form 10-K filed on December 9, 2021, its Quarterly Report on Form 10-Q filed on February 10, 2022 and May 12, 2022 and other reports we file with the SEC, which are available at www. .sec.gov. Applied DNA undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as otherwise required by law.
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