Akers Biosciences, Inc. (NASDAQ:AKER) Falls on News of Pricing of Public Offering

Developer of rapid health information technologies, Akers Biosciences, Inc. (NASDAQ:AKER), has announced an agreement to sell over 1.6 million shares of common stock.

THOROFARE, NJ–(Marketwired – Jan 9, 2017) – Akers Biosciences, Inc. ( NASDAQ : AKER ) ( AIM : AKR.L ), (the “Company” or “Akers Bio”), a developer of rapid health information technologies, today announces the entry into an agreement relating to the sale of 1,667,000 shares of common stock at a public offering price of $1.20 per share together with the issuance of 833,500 five-year warrants to purchase common stock with an exercise price of $1.50. The gross proceeds from the offering, excluding any proceeds on the exercise of the warrants, are expected to be approximately $2,000,400, before deducting the underwriting discount and estimated offering expenses. The funds raised will be used for working capital as well as to accelerate growth in the US and in international markets, further develop new customers and launch new diagnostic products.

The offering is expected to close on January 13, 2017, subject to satisfaction of customary closing conditions. The shares and warrants are being offered by Akers Biosciences, Inc. pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov.

Joseph Gunnar & Co., LLC is acting as sole book-running manager for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Joseph Gunnar & Co, LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone 212-440-9600, email: prospectus@jgunnar.com.

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.

Original Source

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Shares of Akers Biosciences, Inc. (NASDAQ:AKER) are actively moving -16.13% thus far today on the news and have traded in the range of $1.20 – 1.45 during the session.  A number of research firms have recently weighed in on the stock, providing future price targets. The covering firms currently have a consensus one-year price target of $11.00 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  This is the average number from the individual targets provided by the firms.  Analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-1.24 per share according to First Call.

Looking at where the stock is trading on a technical level, the stock is trading -27.87% away from its 50-day moving average of $1.80.  Based on the most recent available data, the equity is -64.86% off of its 52-week high of $3.70 and +20.37% away from its 52-week low which is $1.08.

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Today, the stock opened at $1.20 and the last bid at the time of writing stood at $1.30.  During the session thus far, the equity dipped down to $1.20 and touched $1.45 as the high point.  Akers Biosciences, Inc. (NASDAQ:AKER) has a market cap of $7.09M and has seen an average daily volume of 47,402 over the past three months.

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