on Applied DNA Sciences (NASDAQ:APDN )
Applied DNA Sciences Raises $6.5 Million Through Direct Offering and Private Placement
Applied DNA Sciences, a leader in PCR-based DNA technologies, has announced the pricing of a registered direct offering and concurrent private placement, expecting gross proceeds of approximately $6.5 million. This offering consists of 20,312,500 shares of common stock, priced at $0.32 each. In a simultaneous private placement, Series C and D Warrants are issued for the same number of shares, also priced at $0.32, with varying expiration dates.
Craig-Hallum acts as the exclusive placement agent for this offering, set to close by October 31, 2024. Proceeding with customary conditions, funds will advance the company's DNA production services and general corporate use, including R&D and restructuring.
The direct offering proceeds from an SEC-filed registration statement. However, warrants in the private placement comply with Securities Act exemptions. This move reflects Applied DNA's strategic financial management amidst evolving market conditions.
R. H.
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