Akers Biosciences (AKER) Prices 1.99M Unit Offering at $4/Unit

Akers Biosciences, Inc. (NASDAQ: AKER), a developer of rapid health information technologies, today announced the pricing of a public offering of 1,990,000 units. Each unit is comprised of one share of common stock (or common stock equivalent) and one preferred stock warrant to purchase one share of Series C Convertible Preferred Stock. The units are being offered at a public offering price of $4.00 per unit.

H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.

The preferred stock warrants will be exercisable immediately at an exercise price of $4.00 per share of Series C Convertible Preferred Stock. Before any shares of Series C Convertible Preferred Stock can become convertible, Akers must receive stockholder approval of an amendment (the “Charter Amendment”) to its amended and restated certificate of incorporation to sufficiently increase its authorized shares of common stock to cover the conversion of all outstanding shares of Series C Convertible Preferred Stock into common stock. The preferred stock warrants contained in the units will expire on the five year anniversary of the date on which Akers publicly announces through the filing of a Current Report on Form 8-K that the Charter Amendment has been filed with the Secretary of State of the State of New Jersey.

The gross proceeds of the offering are expected to be $7.96 million, before deducting the placement agent’s fees and other estimated offering expenses payable by Akers, assuming none of the preferred stock warrants to be issued in this offering are exercised. The offering is expected to close on or about December 9, 2019, subject to the satisfaction of customary closing conditions.

Akers intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include funding the exploration of strategic alternatives.

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