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AquaBounty prices $7.5M stock offering to fund fish growing operations


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AquaBounty prices $7.5M stock offering to fund fish growing operations

AquaBounty Technologies Inc. priced a common stock offering to raise about $7.5 million in gross proceeds.

The Maynard, Mass.-based biotechnology company, which is researching and developing genetically modified fish, is offering 3,345,282 shares at $2.25 apiece. AquaBounty also granted the underwriters a 45-day option to buy up to 501,792 additional shares.

AquaBounty, which is engaged in the aquaculture market, plans to use the net proceeds of about $6.7 million for working capital costs linked with growing its first batches of fish at its Indiana and Rollo Bay farm sites. The funds will also be used for other general corporate purposes.

H.C. Wainwright & Co. is acting as the sole book-running manager while National Securities Corporation, a unit of National Holdings Corp., is acting as co-manager for the offering.

The offering is expected to close around March 21, subject to customary closing conditions.