Akers Biosciences, Inc., a New Jersey corporation (the “Company”), entered into an underwriting agreement (the “Underwriting Agreement”) with Joseph Gunnar & Co., LLC (the “Underwriter”) to which the Company sold to the Underwriter in a public offering (the “Offering”) an aggregate of (i) 15,500,000 Class A Units consisting of an aggregate of 15,500,000 shares of its common stock, no par value per share (the “Common Stock”), and warrants to purchase an aggregate of 15,500,000 shares of Common Stock, at a public offering price of $0.15 per unit, and (ii) 3,675 Class B Units consisting of an aggregate of 3,675 shares of its Series B Convertible Preferred Stock, with a stated value of $1,000, and convertible into an aggregate of 24,500,000 shares of Common Stock, and warrants to purchase an aggregate of 24,500,000 shares of Common Stock, at a public offering price of $1,000 per unit.
