AquaBounty’s public stock offering to fund $320M fish farm
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AquaBounty salmon eggs
AquaBounty, the Maynard-based grower of genetically-modified salmon, completed a public offering of common stock with $127.1-million in gross proceeds, according to a letter from the company's CEO to its stakeholders.
AquaBounty CEO Sylvia Wulf’s written update said the public offering of common stock will fortify the company’s balance sheet.
The stock offering is part of AquaBounty’s long-term strategy, which includes constructing a new, 10,000-metric-ton fish farm in Pioneer, Ohio.
The $320-million project would have eight times the output capacity of AquaBounty’s current Indiana farm location.
AquaBountry saw a boost in demand for its sustainable salmon as the company launched its first commercial scale harvest. During its third-quarter, the company harvested 84 tons of salmon while its fourth-quarter numbers saw an 8% increase.
“We enter 2022 in a strong position – both operationally and financially – supported by the momentum from our successful commercial scale harvests and our robust balance sheet,” Wulf said in a written statement to shareholders.
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