Applied DNA Sciences, Inc. (NASDAQ:APDN), a polymerase chain reaction-based DNA manufacturer, has entered into a securities purchase agreement with an institutional investor, for the purchase and sale of 1.5 million shares of common stock at a price of $2.80 per share. The registered direct offering is expected to result in total gross proceeds of approximately $4.2 million, before agents' fees and other estimated offering expenses. The company has also agreed to issue to the investor unregistered warrants to purchase up to an aggregate of 1.5 million shares of common stock in a concurrent private placement. The warrants will have an exercise price of $2.84 per share, be exercisable six months from the date of issuance and will expire five years from the initial exercise date.
The offering is expected to close on or about February 24, 2022, subject to the satisfaction of customary closing conditions.
