AquaBounty Technologies, Inc. (AQB) stock plummeted 21.15% in the after-market trading session at the price of $2.46 after announcing the pricing of the previously reported public offering of its common stock shares.
AQB is a leader in aquaculture with decades of expertise in technology. It presents game-changing solutions to solve global problems while improving productivity, profitability, and sustainability.
AQB Proposed Public Offering of Common Stock
On 18th November 2021, AQB announced the underwritten public offering of 11,200,000 shares of its common stock by selling stockholders. The offered shares of common stock have a public price of $2.10. The selling stockholders had also granted the underwriters a 30-day option to purchase an additional 1,680,000 shares of common stock.
The company itself is not selling any shares of common stock in the offering. It will not receive any proceeds from the sale of the shares offered by the selling stockholders. The selling stockholders will bear all the expenses related to the sale of shares. The offering will close on 23rd November 2021 and is subject to customary closing conditions.
AQB Nine Months 2021 Financial Results
On 4th November 2021, AQB presented its financial results for the three and nine months ended 30th September 2021 and provided corporate updates. Chief Executive Officer of AQB, Sylvia Wulf, remarked that they are well-positioned to scale growth and provide a secure, reliable and sustainable source of farm-raised salmon. They look forward to publishing future updates and creating long-term value for their shareholders.
Financial Highlights
AQB reported revenue of $757,000 for the first nine months ended 30th September 2021. Revenue was $77,000 for the same period of the previous year. Operating expenses were $16.8 million for the first nine months of 2021. For the nine months ended on 30th September 2020, operating expenses totaled $10.3 million.
The company reported a net loss of $16.3 million for the first nine months ended on 30th September 2021. For the same nine months of the prior year, the net loss was $10.3 million. As of 30th September 2021, cash, cash equivalents, and marketable securities totaled $197.8 million. AQB reported cash, cash equivalents, and marketable securities of $95.8 million as of 31st December 2020.
