Source - RNS
RNS Number : 5975T
Akers Biosciences, Inc.
13 October 2017
 

October 13, 2017 

 

Akers Biosciences, Inc.

("Akers" or the "Company")

 

Warrant Amendment and Exercise

 

Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the "Company"), a developer of rapid health information technologies, announces it has revised the terms of the warrants over 724,200 common shares of no par value in the Company ("Common Shares") issued in relation to the placing of new common shares, announced on 31 March 2017 (the "March 2017 Warrants"). The terms of the March 2017 Warrants have been amended to a strike price of $1.00 per share; otherwise all terms of these warrants remain unchanged.

In addition, Akers has entered into an agreement with holders of the March 2017 Warrants to exercise these warrants, which will result in the purchase of 724,200 shares of Commons Shares, subject to beneficial ownership limitations on exercise contained in the March 2017 Warrants, by 13 December 2017.

The Company has received notification to exercise 387,000 of the March 2017 Warrants, pursuant to the amended terms and the agreement described above. The Company expects to receive $387,000 as a result of this exercise and as such, the Company will apply for 387,000 new common shares of no par value to be admitted to trading on AIM.

Admission of the 387,000 new Common Shares is expected to take place on or around 20 October 2017. The new Common Shares will rank pari passu with the existing Commons Shares.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Following the issue of new Common Shares detailed above the enlarged issued share capital of the Company will consist of 9,288,245 common shares with no common shares held in treasury. Therefore, the above figure of 9,288,245 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure and Transparency Rules.

 

 

About Akers Biosciences, Inc.

 

Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.

 

Additional information on the Company and its products can be found at www.akersbio.com. Follow us on Twitter @AkersBio.

 

Cautionary Statement Regarding Forward Looking Statements

 

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

 

For more information:

 

Akers Biosciences, Inc.

John J. Gormally, Chief Executive Officer

Raymond F. Akers, Jr. PhD, Chief Scientific Director

Tel. +1 856 848 8698

 

Taglich Brothers, Inc. (Investor Relations)

Chris Schreiber

Tel. +1 917 445 6207

Email: [email protected]

 

finnCap (UK Nominated Adviser and Broker)

Adrian Hargrave / Scott Mathieson (Corporate Finance)

Steve Norcross (Broking)            

Tel. +44 (0)20 7220 0500

 

Vigo Communications (Global Public Relations)

Ben Simons / Fiona Henson

Tel. +44 (0)20 7830 9704

Email: [email protected]

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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