Akers Biosciences Announces Pricing Of Public Offering And Listing On Nasdaq

(RTTNews) - Akers Biosciences, Inc. said Thursday that it has priced an underwritten public offering of 2.727 million of common stock at a public offering price of $5.50 per share.

The shares will begin trading on The NASDAQ Capital Market on January 23 at about 2:10 PM EST under the symbol "AKER."

The company expects to receive about $15 million in gross proceeds, before underwriting discounts and commissions and offering expenses payable by the company.

The company has granted the representative of the underwriters a 45-day option to purchase up to 409,050 additional shares of common stock.

The company plans to use the net proceeds received from the offering for general corporate purposes, including working capital, product development and fulfillment, marketing activities, expansion of internal sales organization, further development of sales channels, and other capital expenditures.

The offering is expected to close on or about January 28.

Aegis Capital Corp. is acting as sole book-running manager for the offering.