Astrotech Corporation (NASDAQ: ASTC) today announced that it has entered into an underwriting agreement with HC Wainwright & Co. whereby the underwriter has agreed to purchase, on a firm commitment basis, 6,666,667 common shares (or the equivalent of common shares in lieu of them.) the public price of $ 1.50 per share (or the equivalent of common stock) minus underwriting discounts and commissions. The offer is expected to close around April 12, 2021, subject to normal closing conditions.
HC Wainwright & Co. acts as the sole sales manager.
The company also granted the underwriter a 30-day call option for up to 1,000,000 additional common shares at the public offering price less underwriting discounts and commissions.
Gross proceeds from the placement are expected to be approximately $ 10 million, excluding underwriting discounts and commissions, and placement costs payable by Astrotech, and provided that the option to purchase additional shares is not exercised. Astrotech intends to use the net proceeds from the offering for general corporate purposes, working capital and capital expenditures.
The securities described above are offered by the Company in accordance with the S-3 Shelf Registration Statement (File No. 333-253835) filed with the Securities and Exchange Commission (SEC) and announced effective March 15, 2021 and attached the prospectus contained therein. The placement of securities is carried out only through the prospectus, including the attachment to the prospectus, which is part of the current registration application. A preliminary prospectus supplement and an accompanying prospectus pertaining to this proposal will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the Prospectus Prospectus Attachment and the accompanying prospectus pertaining to this offer, if any, can also be obtained by contacting HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by email … at [email protected] or by phone (212) 856-5711.
This announcement does not constitute an offer to sell or an offer to buy any of these securities and does not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale is illegal. Any offer, if any, will only be made through the prospectus, which is part of the current registration statement.
About Astrotech Corporation
Interaction with other peopleAstrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, operates and builds scalable companies based on innovative technologies to maximize shareholder value. Astrotech is headquartered in Austin, Texas. Visit www.astrotechcorp.com for information.
This press release contains forward-looking statements made in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including with respect to the expected closing of the offer. Such forward-looking statements are subject to risks, trends and uncertainties that could cause actual results to differ materially from the forward-looking statements. These factors include, but are not limited to, the completion of the offer, fulfillment of the normal closing conditions associated with the offer and the intended use of net proceeds from the public offering, the Company’s ability to obtain additional funding, the severity and duration. of the COVID-19 pandemic and its impact on the US and global economies, the timing, scope and impact of further government, regulatory, fiscal, monetary, financial and public responses to the COVID-19 pandemic in the US and other countries, can we successfully complete the development of our new products and proprietary technologies, the ability to obtain FDA and other regulatory approvals required to market our products under development in the United States or overseas, and market acceptance of our products and services, market and other conditions, and other risk factors and business considerations described in SEC filings, including our 10-K Annual Report. Any forward-looking statements in this document should be assessed in light of these important risk factors. In addition, any forward-looking statements included in this press release represent the views of the Company only as of the date of its publication and should not be construed as reflecting its views on any subsequent date. The Company assumes no obligation to update these forward-looking statements.
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Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530