Full Press Release Details
Biosciences Prices $6,000,000 Public Offering
N.J, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (NASDAQ:AKER) (AIM: AKR.L), (the "Company" or "Akers
Bio"), a developer of rapid health information technologies, today announces the pricing of an underwritten public offering
with expected total gross proceeds of approximately $6,000,000, before deducting underwriting discounts, commissions and other
offering expenses payable by the Company.
securities offered by the Company consist of (i) Class A Units consisting of 15,500,000 shares of our Common Stock and Warrants
to purchase 15,500,000 shares of Common Stock, at a public offering price of $0.15 per Class A Unit, and (ii) Class B Units consisting
of 3,675 shares of our Series B Convertible Preferred Stock, with a stated value of $1,000, and convertible into an aggregate
of 24,500,000 shares of Common Stock, and Warrants to purchase 24,500,000 shares of Common Stock, at public offering price of
$1,000 per Class B Unit. The Warrants will have an exercise price of $0.1875, will be exercisable upon issuance and will expire
five years from the date of issuance. The Company has granted the underwriters a 45-day option to purchase additional shares of
Common Stock and additional Warrants to purchase shares of Common Stock, in amounts up to 15% of the Common Stock, Warrants, and
Common Stock issuable upon conversion of the Series B Preferred included in the Class B Units sold in the offering.
offering is expected to close on December 21, 2017, subject to satisfaction of customary closing conditions.
funds raised will be used for working capital, product development, marketing activities, expanding our internal sales organization
and further developing sales channels and other capital expenditures.
Gunnar & Co., LLC is acting as sole book-running manager for the offering.
Securities and Exchange Commission declared effective a registration statement on Form S-1 relating to these securities on December
18, 2017. A final prospectus relating to this offering will be filed with the Securities and Exchange Commission. The offering
is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained, when available,
by contacting Joseph Gunnar & Co., LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone
212-440-9600, email: prospectus@jgunnar.com. Investors may also obtain these documents at no cost by visiting the Securities and
Exchange Commission's website at http://www.sec.gov.
press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein,
nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Akers Biosciences, Inc.
Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective
healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding
to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art
rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with
major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide
competitor in diagnostics.
Statement Regarding Forward Looking Statements
contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities
that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended
terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate,"
"believe," "estimate," "upcoming," "plan," "target", "intend"
and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management,
are intended to identify such forward-looking statements. These forward-looking statements are based on information currently
available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's
actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking
Biosciences, Inc.John J. Gormally, Chief Executive Officer
F. Akers, Jr. PhD, Executive Chairman and Chief Scientific Director
Brothers, Inc. (Investor Relations)
Communications (Global Public Relations)
Simons / Fiona Henson