Full Press Release Details
Biosciences Announces $4.8 Million Registered Direct Offering
At-the-Market under Nasdaq Rules
New Jersey, May 14, 2020/ - 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 1,366,856 shares of the Company's common
stock, at a purchase price of $3.53 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 May 18, 2020, subject to the satisfaction of customary closing conditions.
Wainwright & Co. is acting as the exclusive placement agent for the offering.
gross proceeds to the Company from this offering are expected to be approximately $4.8 million, before deducting the placement
agent's fees and other offering expenses payable by the Company.
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 (646) 975-6996 or e-mail at placements@hcwco.com.
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.
Akers Biosciences Inc.
Biosciences is pursuing the development of a newly acquired license to a coronavirus vaccine candidate. In addition, the company
develops, manufactures, and supplies rapid, point of care screening and testing products designed to bring health related information
directly to the patient or clinician in a timely and cost-efficient manner. Akers has previously announced that that it had identified
the hemp and minor cannabinoid sectors as promising adjacent opportunities that could benefit from Akers' existing facility
and its core competencies.
statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements
within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include, but are not limited to, statements of historical fact, and may be identified by words such as "anticipates,"
"assumes," "believes," "can," "could," "estimates," "expects,"
"forecasts," "guides," "intends," "is confident that", "may," "plans,"
"seeks," "projects," "targets," and "would," and their opposites and similar expressions
are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as
well as assumptions made by and information currently available to management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, our ability to complete
of the registered direct offering, the satisfaction of customary closing conditions related to the registered direct offering,
market and other conditions, changes in the market acceptance of the company's products and services; challenges we may
face in identifying, acquiring and operating new business opportunities; the outcome of litigation or other proceedings to which
the company is subject or which it may become subject to in the future; increased levels of competition; changes in political,
economic or regulatory conditions generally and in the markets in which the company operates; the company's relationships
with its key customers; adverse conditions in the industries in which the company's customers operate; the company's
ability to retain and attract senior management and other key employees; the company's ability to quickly and effectively
respond to new technological developments; the company's ability to protect its trade secrets or other proprietary rights,
operate without infringing upon the proprietary rights of others and prevent others from infringing on the company's proprietary
rights; the company's ability to achieve the expected benefits and costs of the transactions related to the acquisition
of Cystron Biotech, LLC, including, the timing of, and the company's ability to, obtain and maintain regulatory approvals
for clinical trials of the company's vaccine product candidate, the timing and results of the company's planned clinical
trials for its vaccine product candidate, the amount of funds the company requires for its vaccine product candidate, and the
company's ability to maintain its license with Premas Biotech PVT Ltd; and the impact of the recent COVID-19 outbreak on
the company's results of operations, business plan and the global economy. A discussion of these and other factors, including
risks and uncertainties with respect to the company, is set forth in the company's filings with the SEC, including its annual
report on Form 10-K filed with the Securities and Exchange Commission, as may be supplemented or amended by the company's
Quarterly Reports on Form 10-Q. The company disclaims any intention or obligation to revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as required by law.
information on the company and its products can be found at www.akersbio.com.
Relations: Hayden IR
Mass, Managing Partner