Maxim Group helps fund general corporate purposes and working capital
By Devika Patel
Knoxville, Tenn., Nov. 23 – Applied DNA Sciences Inc. said it will raise $8.73 million in a registered direct offering of units.
The company will sell 2.5 million units of one common share and a half-share warrant at $3.49 per unit.
The whole warrant will be exercisable at $4.30 for five years. The strike price is a 0.7% premium to the Nov. 20 closing share price of $4.27.
Maxim Group LLC is the agent.
Settlement is expected Nov. 27.
Proceeds will be used for general corporate purposes, including working capital, capital expenditures, business development and research and development and acquisitions of new technologies or businesses.
Stony Brook, N.Y.-based Applied DNA Sciences provides patented DNA-based technologies to prevent and identify counterfeits.
Issuer: | Applied DNA Sciences Inc.
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Issue: | Units of one common share and a half-share warrant
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Amount: | $8,725,000
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Units: | 2.5 million
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Price: | $3.49
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $4.30
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Agent: | Maxim Group LLC
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Pricing date: | Nov. 23
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Settlement date: | Nov. 27
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Stock symbol: | Nasdaq: APDN
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Stock price: | $4.27 at close Nov. 20
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Market capitalization: | $66.18 million
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