Akers Biosciences, Inc. Issue of Equity (7278H)

TIDMAKR

RNS Number : 7278H

Akers Biosciences, Inc.

09 June 2017

June 9, 2017

This announcement contains inside information

Akers Biosciences, Inc.

Issue of Equity

Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (the "Company" or "Akers Bio"), a developer of rapid health information technologies, has received further conversion notices from warrant holders to exercise warrants in the Company at an exercise price of $1.50 granted pursuant to the January 2017 public offering. Accordingly, the Company has received additional proceeds of $5,250 in respect of the exercise of 3,500 warrants which will convert into common shares of no par value (the "Warrant Shares"). The Company will apply for the 3,500 Warrant Shares to be admitted to trading on AIM.

Separately, further to the announcement on 14 June 2016, application will also be made for the outstanding 18,333 shares of the Company's restricted common stock of no par value ("Restricted Shares") to be admitted to trading on AIM. The Restricted Shares were issued to John J. Gormally, the Company's Chief Executive Officer, pursuant to the Company's 2013 Incentive Stock and Award Plan (as amended).

In addition, application will also be made for 1,484 shares of common stock of no par value ("Common Shares") to be admitted to trading on AIM. The Common Shares have been issued to certain professional advisers of the Company in lieu of fees owed to them.

Following Admission of the Warrant Shares, Restricted Shares and Common Shares, which is expected to take place on or around June 15, 2017, the Company's issued share capital will consist of 8,891,245 common shares with no common shares held in treasury. Therefore, the above figure of 8,891,245 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

The Restricted Shares and the Common Shares were already reflected in the total issued share capital figure announced in the May 5, 2017 announcement regarding the issue of equity as these had already been issued and allotted but application had not yet been made for their admission to trading on AIM.

About Akers Biosciences, Inc.

Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.

Additional information on the Company and its products can be found at www.akersbio.com. Follow us on Twitter @AkersBio.

Cautionary Statement Regarding Forward Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Akers Biosciences, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For more information:

Akers Biosciences, Inc.

John J. Gormally, Chief Executive Officer

Raymond F. Akers, Jr. PhD, Vice Chairman

Tel. [phone]

finnCap (UK Nominated Adviser and Broker)

Adrian Hargrave / Scott Mathieson (Corporate Finance)

Steve Norcross (Broking)

Tel. [phone]

Vigo Communications (Global Public Relations)

Ben Simons / Fiona Henson

Tel. [phone]

Email: [e-mail]

This information is provided by RNS

The company news service from the London Stock Exchange

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(END) Dow Jones Newswires

June 09, 2017 11:51 ET (15:51 GMT)