AquaBounty dives on planned stock offering

Aquabounty Technologies

10/12/2020 11:57

** Shares of AquaBounty  AQB.O  down 17% at $7.20 premarket
as grower of genetically engineered salmon looks to raise equity
    ** Co after the bell Weds announced stock offering; deal
size not disclosed  urn:newsml:reuters.com:*:nGNX1D0Q7w
    ** AQB plans to use net offering proceeds for working
capital costs and general corp purposes, including potentially
purchasing land and towards construction costs or site
development for a new production farm
    ** Oppenheimer and Lake Street Capital Markets jt
bookrunners for offering
    ** Co has ~45 mln shares outstanding for ~$390 mln market
cap, per Refinitiv data, and ~41 mln shares of free float
    ** Stock has doubled over past 8 trading sessions with no
apparent catalyst. And trading volumes have picked up
significantly as 5-DMA of ~9 mln shares is almost triple the
30-DMA

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))