Akers Biosciences Inc. priced an underwritten public offering to raise up to about $6 million in gross proceeds.
The company is offering class A units consisting of 15.5 million common shares and warrants to purchase 15.5 million shares for 15 cents per unit, and class B units consisting of 3,675 shares of series B preferred stock, convertible into an aggregate of 24.5 million common shares and warrants to buy 24.5 million common shares at a price of $1,000 per unit.
The warrants have an exercise price of 18.75 cents and will be exercisable upon issuance with an expiry date of five years from the issuance date.
The funds raised will be used for product development, marketing activities, developing sales channels and other capital expenditures.
The New Jersey-based healthcare equipment company granted the underwriters a 45-day option to purchase additional securities amounting up to 15% of common shares, warrants and shares issuable upon conversion in the offering.
The offering is expected to close Dec. 21, subject to satisfaction of customary closing conditions.
Joseph Gunnar & Co. LLC is acting as sole book-running manager for the offering.