Aqua Bounty Technologies, Inc. Reverse Share Split and Debt Conversion Update (1687S)
19 Dicembre 2016 - 8:00AM
UK Regulatory
TIDMABTU
RNS Number : 1687S
Aqua Bounty Technologies, Inc.
19 December 2016
19 December 2016
AquaBounty Technologies Inc.
("AquaBounty" or the "Company")
Reverse Share Split and Debt Conversion Update
AquaBounty Technologies, Inc. (AIM: ABTU; OTC: AQBT), a
biotechnology company focused on enhancing productivity in
aquaculture and a majority-owned subsidiary of Intrexon Corporation
(NYSE: XON) ("Intrexon"), announces an update to its proposed
reverse share split and debt conversion.
Reverse Share Split
Further to its announcements of 7 November 2016 and 28 November
2016, the Company now announces that its Directors have decided to
implement a reverse share split ratio of 1-for-30 on its common
shares ("Common Shares"). As previously announced, the Company has
filed a Form 10 registration statement ("Registration Statement")
with the U.S. Securities and Exchange Commission ("SEC") to
register its Common Shares pursuant to Section 12(b) of the
Securities Exchange Act of 1934 in order to list the Common Shares
for trading on NASDAQ. In order to satisfy the NASDAQ listing
requirements related to pricing of its Common Shares, the Company
has planned to effect a reverse share split of its Common Shares to
be effective at the time the Registration Statement is declared
effective by the SEC. The Company received shareholder approval at
a Special Meeting of Shareholders held on 28 November 2016 to
effect a reverse share split at various ratios, with the ultimate
ratio to be determined by the Company's Directors. The Record Date
for determining those shareholders who will receive the information
package for exchanging their current share certificates for new
share certificates and the Effective Date for the implementation of
the reverse share split will be determined once the Company's
Registration Statement has cleared SEC review.
Debt Conversion
The Company also announces that on 16 December 2016, it received
the final $2.5 million in funding from its $10.0 million
convertible debt facility with Intrexon. Immediately following the
funding, Intrexon requested the conversion of the outstanding
principal and accrued interest into 36,387,236 new Common Shares
(the "Conversion Shares") at a price of 23 pence as per the terms
of the convertible loan announced on 24 February 2016, conditional
on these new Common Shares being admitted to trading on AIM.
Intrexon currently holds 99,114,668 Common Shares (representing
62.92% of the outstanding Common Shares). Following the addition of
the Conversion Shares, Intrexon will have an interest in 69.88% of
the Company's enlarged share capital of 193,915,210 Common Shares.
The Conversion Shares will be credited as fully paid and rank pari
passu in all respects with the existing Common Shares.
Safe Harbour Statement
Some of the statements made in this press release are
forward-looking statements. These forward-looking statements are
based upon the Company's current expectations and projections about
future events and generally relate to the Company's plans,
objectives, and expectations for the development of the business,
including the occurrence and timing of the Fundraising, the
conversion of outstanding amounts under the Company's convertible
loan, the Admission of the Subscription Shares and Conversion
Shares, and the listing of Common Shares on NASDAQ, as well as the
length of time the Fundraising will allow the Company to operate.
Although management believes that the plans and objectives
reflected in or suggested by these forward-looking statements are
reasonable, all forward-looking statements involve risks and
uncertainties and actual future results may be materially different
from the plans, objectives, and expectations expressed in this
press release.
This announcement contains inside information.
Enquiries:
AquaBounty
David Frank, Chief
Financial Officer +1 978 648 6048
Stifel Nicolaus Europe Limited
Stewart Wallace +44 20 7710 7600
Luther Pendragon
Harry Chathli, Claire
Norbury +44 20 7618 9100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 19, 2016 02:00 ET (07:00 GMT)
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