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Akers Biosciences closes $6.9M common stock, warrants offering

Akers Biosciences Inc. closed its underwritten public offering, including the full exercise of the underwriter's over-allotment option, for total gross proceeds of $6.9 million.

The company issued class A units consisting of 21.5 million of its common shares and warrants to buy 21.5 million of its common shares priced at 15 cents per class A unit.

The company also issued class B units consisting of 3,675 shares of its series B convertible preferred stock, with a stated value of $1,000, and convertible into 24.5 million common shares and warrants to buy 24,500,001 common shares at $1,000 per class B unit.

The warrants have an exercise price of 18.75 cents, will be exercisable upon issuance and will expire five years from the date of issuance.

The funds raised will be used for working capital, product development, marketing activities, expanding our internal sales organization and further developing sales channels and other capital expenditures.

Joseph Gunnar & Co. LLC acted as sole book-running manager for the offering.