AquaBounty Technologies, Inc. Announces Pricing of $13.5 Million Underwritten Public Offering

MAYNARD, Mass., Feb. 11, 2020 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced that it has priced an underwritten public offering of an aggregate of 9,000,000 shares of common stock of the Company, at an offering price of $1.50 per share. In addition, AquaBounty has granted the underwriter a 45-day option to purchase up to an additional 1,350,000 shares of common stock on the same terms and conditions to cover over-allotments, if any. All shares of common stock sold in the offering are being sold by the Company. The offering is expected to close on or about February 13, 2020, subject to the satisfaction of customary closing conditions.

Lake Street Capital Markets, LLC is acting as the sole book-running manager for the offering.

The aggregate gross proceeds to the Company from this offering are approximately $13.5 million, before deducting underwriting discounts and commissions and estimated offering expenses and assuming no exercise of the underwriter’s option to purchase additional shares. The Company currently intends to use the net proceeds of this offering to continue construction and renovation activities of its existing facilities in Rollo Bay and Indiana, for working capital costs associated with growing its first batches of fish at its Indiana and Rollo Bay farm sites, and for other general corporate purposes.

The securities described above are being offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-235919), as amended, previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on February 10, 2020.

The securities may be offered only by means of a prospectus. A preliminary prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus and, when available, copies of the final prospectus relating to the offering may be obtained from Lake Street Capital Markets, LLC, Attn: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402, by calling 612-326-1305, or by emailing [e-mail], or at the SEC’s website at http://www.sec.gov.