Applied DNA Sciences (APDN) Prices 2.735M Share Common Offering at $1.75/Sh

December 21, 2017 5:36 AM

Applied DNA Sciences, Inc. (NASDAQ: APDN) today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase an aggregate of 2,735,000 shares of common stock and warrants to purchase an aggregate of 2,735,000 shares of common stock in a registered direct offering with aggregate gross proceeds of $4,786,250, exclusive of warrant exercise proceeds. Each share of common stock is being sold together with a warrant to purchase one share of common stock at a combined effective price to the public of $1.75. The warrants will be immediately exercisable at a price of $2.00 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying warrants can only be purchased together in the offering but will be issued separately. The offering is expected to close on or about December 22, 2017, subject to the satisfaction of customary closing conditions.

Maxim Group LLC acted as the exclusive placement agent for the offering.

After deducting the placement agent’s commission and other estimated offering expenses payable by Applied DNA, the net proceeds to Applied DNA are anticipated to be approximately $4.2 million, not including any amounts Applied DNA will receive upon the exercise of the warrants. Applied DNA intends to use the net proceeds of the offering for working capital, capital expenditures, business development and research and development expenditures, and acquisitions of new technologies or businesses.


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