GM salmon farmer announces $5.7 million public share offering

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AquaBounty Technologies, producers of AquAdvantage salmon, announces USD 5.7 Million public offering of common stock.

The biotechnology company, a majority-owned subsidiary of Intrexon Corporation, announced the pricing of its previously announced underwritten public offering of 2,554,590 shares of common stock of the Company at a price to the public of USD 2.25 per share, the company announced in a financial statement on Friday.

Shares spiked in March by 120% when US authorities allowed eggs to be imported and raised in US

It’s been a busy few months for the GM salmon farmer. Earlier in the month, SalmonBusiness reported that the FDA had deactivated a 2016 import alert that prevented GE salmon from entering the U.S, clearing a path to allow for AquaAdvantage salmon eggs to be imported to the company’s land-based facility in Indiana.

Then on Tuesday, the Canadian authority Environment and Climate Change Canada, approved the company’s Rollo Bay production facility in Prince Edward Island, Canada, for the commercial manufacture and grow-out of AquAdvantage Salmon.

It’s one of the final steps in the long-running regulatory process. AquAdvantage salmon was actually the first way developed back in 1989.

AquaBounty expects to receive aggregate gross proceeds of approximately USD 5.75 million from the offering. The offering is expected to close on or about April 9, 2019, subject to customary closing conditions.

National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation, is acting as co-manager for the offering.

The company currently expects to use the net proceeds of this offering to fully fund working capital costs associated with growing its first batches of fish at our Indiana and Rollo Bay farm sites and other general corporate purposes.