Brief: APDN lists on Nasdaq

APDN imageAnti-counterfeit specialist Applied DNA Sciences has scored a coveted Nasdaq listing, having previously been traded on the OTCBB exchange.

The up-listing reflects the improving business performance of APDN, which reported fiscal nine-month revenues of $2m back in August, a near 60 per cent increase on the prior year, fuelled by contracts to supply its DNA-marking technology in the electronics, textiles, automotive and plastics sectors.

The technology was recently used to interdict a shipment of mislabeled textiles resulting in over $1m of inventory held in quarantine. The products consist of an assortment of yarn, finished fabric and garments that could have been mislabelled, and subsequently, marketed and sold in retail outlets in the US and around the world.

Liquidity boost

Aside from the recognition afford by the up-listing, the Nasdaq listing will also make it easier for institutional investors to invest in APDN, as some investment houses specifically prohibit investing on OTC exchanges. The company's stock and warrants will trade under the APDN and APDNW symbols, respectively.

Separately, APDN has announced a $9.1m public offering of 2,800,000 shares of common stock, and another 2,800,000 in five-year warrants.

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