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Aquaculture

AQUABOUNTY ANNOUNCES FULL EXERCISE OF OVER-ALLOTMENT OPTION

AQUABOUNTY ANNOUNCES FULL EXERCISE

AquaBounty announces full exercise of over-allotment option. AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilising technology to enhance productivity and sustainability, today announced the closing of the sale of 1.65 million shares of the Company’s common stock (the “Option Shares”).  The Option Shares were sold pursuant to the Underwriting Agreement dated August 7, 2020 (the “Underwriting Agreement”), between the Company and the underwriters in the public offering of 11 million shares of the Company’s common stock that closed on August 11, 2020 (the “Offering”).  Pursuant to the Underwriting Agreement, the Company granted the underwriters a 30-day option to purchase up to 1.65 million shares of the Company’s common stock at the public offering price of $2.50 per share, and the Option Shares were sold at the public offering price, less underwriting discounts and commissions.  The gross proceeds to AquaBounty from the sale of the Option Shares were approximately $4.125 million, and the gross proceeds to AquaBounty from the sale of the Option Shares and the Offering together were approximately $31.625 million, in each case before deducting underwriting discounts and commissions and estimated offering expenses payable by AquaBounty.

Oppenheimer & Co. Inc. and Lake Street Capital Markets, LLC acted as joint book-running managers for this offering.  National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ: NHLD), acted as co-manager for the offering.

The Company currently intends to use the net proceeds of this offering for working capital costs and general corporate purposes, including potentially purchasing land and towards costs associated with the construction or site development for a new production farm.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on April 27, 2018.  A final prospectus supplement describing the terms of the offering was filed with the SEC on August 10, 2020, and is available on the SEC’s website at www.sec.gov.  Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by calling (212) 667-8563, or by emailing EquityProspectus@opco.com; or Lake Street Capital Markets, LLC, Attention: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402, or by calling (612) 326-1305, or by emailing syndicate@lakestreetcm.com; or at the SEC’s website at http://www.sec.gov.

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