Astrotech Announces $1.77 Million Registered Direct Offering Priced At-the-Market
26 March 2020 - 3:27AM
Business Wire
Astrotech Corporation (NASDAQ: ASTC), today announced that it
has entered into definitive agreements with several institutional
investors for the purchase and sale of 354,000 shares of
Astrotech's common stock, at a purchase price of $5.00 per share,
in a registered direct offering priced at-the-market under Nasdaq
rules. The closing of the offering is expected to occur on or about
March 27, 2020, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to Astrotech from this offering are expected
to be $1.77 million, before deducting the placement agent’s fees
and other offering expenses payable by Astrotech. The Company
intends to use the net proceeds from this offering for continuing
operating expenses and working capital.
The shares of common stock are being offered by Astrotech
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-226060) previously filed with the Securities and Exchange
Commission (the "SEC") on July 3, 2018 and declared effective by
the SEC on August 20, 2018. The offering of the securities will be
made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the securities being offered will be filed with the SEC.
Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by phone at (646) 975-6996 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Astrotech
Astrotech (NASDAQ: ASTC) is a science and technology
development and commercialization company that launches, manages,
and builds scalable companies based on innovative technology in
order to maximize shareholder value. 1st Detect develops,
manufactures, and sells trace detectors for use in the security and
detection market. AgLAB develops, manufactures, and sells
chemical analyzers for use in the agriculture market. Astrotech is
headquartered in Austin, Texas. For information, please visit
www.astrotechcorp.com.
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, market and other conditions, statement with respect to
the completion of the registered direct offering, the satisfaction
of customary closing conditions related to the registered direct
offering and the intended use of net proceeds from the registered
direct offering, whether we can successfully develop our
proprietary technologies and whether the market will accept our
products and services, as well as other risk factors and business
considerations described in the Company’s Securities and Exchange
Commission filings including the annual report on Form 10-K. Any
forward-looking statements in this document should be evaluated in
light of these important risk factors. In addition, any
forward-looking statements included in this press release represent
the Company’s views only as of the date of its publication and
should not be relied upon as representing its views as of any
subsequent date. The Company assumes no obligation to update these
forward-looking statements, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200325005541/en/
Eric Stober, Chief Financial Officer, Astrotech Corporation,
(512) 485-9530
Astrotech (NASDAQ:ASTC)
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