Joseph Gunnar & Co., LLC, has exercised its over-allotment option to purchase an additional 122,500 common shares from the Akers Biosciences at $1.20 per share with the issuance of a further 61,250 warrants with an exercise price of $1.50.
As a result, the gross proceeds are now expected to increase to $2,147,400, before deducting the underwriting discount and estimated offering expenses.
Akers has applied for the admission of the additional 122,500 common shares to AIM, which should take place on Monday.