AquaBounty Technologies Inc. started an underwritten public offering of common shares.
The Maynard, Mass.-based biotechnology company, which is focused on the aquaculture market, plans to use net proceeds for working capital — to help grow its first batches of fish at its Indiana and Rollo Bay farm sites, and for other general corporate purposes.
The underwriter will have an overallotment option to buy additional common shares at the public offering price.
H.C. Wainwright & Co. is acting as sole book-running manager for this offering.
AquaBounty Technologies is a unit of Germantown, Md.-based biotech Intrexon Corp.