4 Apr 2017 16:18
4 April 2017
This announcement contains inside information
Akers Biosciences, Inc.
Issue of Equity
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (the "Company" or "Akers Bio"), a developer of rapid health information technologies, has received conversion notices from certain warrant holders to exercise warrants in the Company at an exercise price of $1.50 granted pursuant to the January 2017 public offering (the "Warrant Shares"). Accordingly, the Company has received proceeds of $240,000 in respect of the exercise of 160,000 warrants which will convert into common shares.
Additionally, further to the announcement of March 31, 2017 regarding the issue of 1,448,400 common shares at a price of $1.40 per share raising gross proceeds of $2,027,760 (the "Placing Shares"), the Company has allotted the Placing Shares - which remain restricted and may not be traded until such time as a Registration Statement has been filed with the Securities and Exchange Commission and has been deemed effective. A further announcement will be issued when this occurs.
The Company will apply for the admission of the 1,608,400 common shares (comprising the Warrant Shares and the Placing Shares) to AIM and this is expected to take place on April 10, 2017 ("Admission"). Following Admission, the Company's issued share capital will consist of 8,850,445 common shares with no common shares held in treasury. Therefore, the above figure of 8,850,445 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be found at www.akersbio.com. Follow us on Twitter @AkersBio.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For more information:
Akers Biosciences, Inc.
John J. Gormally, Chief Executive Officer
Raymond F. Akers, Jr. PhD, Vice Chairman
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Adrian Hargrave / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7830 9704
Email: akers@vigocomms.com