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Applied DNA Sciences to raise up to US$8.75mln

Last updated: 13:41 23 Nov 2015 EST, First published: 08:41 23 Nov 2015 EST

cashinhand
Up to US$8.75mln will be raised

Applied DNA Sciences (NASDAQ:APDN) shares fell almost a third on Monday after it unveiled plans for a capital raising.

The company, which develops DNA-based security systems, is selling new shares and issuing share warrants to raise up to US%8.75mln.

Some 2.5mln new shares are being sold at US$3.49 each in a private placement to institutional investors, as well as warrants for 1.25mln additional new shares, exercisable at US$4.30. The warrants become exercisable in six months, and last for up to five years.

Cash proceeds are earmarked for general corporate purposes, business development, research and development and potential acquisitions.

Applied DNA Sciences shares fell US$1.18, 27%, to trade at US$3.09 on Monday.

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