Applied DNA Receives Approximately $3.6 Million in Net Proceeds from Warrant Exercise
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STONY BROOK, N.Y.--(BUSINESS WIRE)--
Applied DNA Sciences, Inc. (NASDAQ: APDN) (the “Company”), a leader in polymerase chain reaction (“PCR”)-based technologies, announced that it has received approximately $3.6 million in net proceeds following an exercise of Series B warrants by an institutional investor in the Company.
The Series B warrants exercised were issued in connection with a public offering that closed on August 8, 2022. Each Series B warrant entitles its owner to purchase one share of common stock in the Company at a per share price of $4.00 until September 8, 2023. 2.1 million Series B warrants associated with the August 8, 2022, offering remain outstanding. Series A warrants were also issued in connection with the public offering that closed on August 8, 2022. All 3.0 million Series A warrants remain outstanding until August 9, 2027.
About Applied DNA Sciences Applied DNA Sciences is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid (“DNA”). Using PCR to enable both the production and detection of DNA, we operate in three primary business markets: (i) the manufacture of DNA for use in nucleic acid-based therapeutics; (ii) the detection of DNA in molecular diagnostics testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services.
The Company’s common stock is listed on NASDAQ under the ticker symbol ‘APDN,’ and its publicly traded warrants are listed on OTC under the ticker symbol ‘APPDW.’
Forward-Looking Statements
The statements made by Applied DNA in this press release may be “forward-looking” in nature within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Applied DNA’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance, our unknown ability to penetrate key markets, and various other factors detailed from time to time in Applied DNA’s SEC reports and filings, including our Annual Report on Form 10-K filed on December 9, 2021, its Quarterly Report on Form 10-Q filed on February 10, 2022 and May 12, 2022, and other reports it files with the SEC, which are available at http://www.sec.gov. Applied DNA undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless otherwise required by law.
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