AUSTIN, Texas--(BUSINESS WIRE)--Astrotech Corporation (NASDAQ: ASTC), today announced that it has entered into definitive agreements with several institutional investors for the purchase and sale of 2,887,906 shares of Astrotech's common stock, at a purchase price of $2.15 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about October 30, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to Astrotech from this offering are expected to be $6.2 million, before deducting the placement agent’s fees and other offering expenses payable by Astrotech. The Company intends to use the net proceeds from this offering for continuing operating expenses and working capital.

About Astrotech Corporation

Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.