ATLANTA, GA / ACCESSWIRE / November 30, 2017 / Meridian Waste Solutions, Inc. (NASDAQ: MRDN) ("Meridian Waste" or the "Company"), a vertically integrated, non-hazardous solid waste services company, today announced that it entered into securities purchase agreements with certain accredited investors in connection with a registered direct offering of an aggregate of approximately 1,868,000 shares of common stock, Series A Warrants to purchase 736,000 shares of common stock, and Series B Warrants to purchase 664,000 shares of common stock, at an offering price of $1.03 per share and related warrants, for aggregate gross proceeds of approximately $1.925 million. The Series A Warrants have an exercise price of $1.31, will be immediately exercisable and will expire five years after the date of issuance. The Series B Warrants have an exercise price of $1.31, will be exercisable six months after issuance, and will expire five years after issuance. The offering is expected to close on or about December 1, 2017, subject to the satisfaction of customary closing conditions.
Garden State Securities Inc. is acting as exclusive placement agent and Carter, Terry & Co. is acting as a selected dealer in connection with the offering.
Meridian currently intends to use the net proceeds of this offering for working capital and capital expenditures. Following recent transactions in the past weeks for the Company's Technology and Innovations Divisions, the proceeds will be used to integrate the businesses of Verifi Labs, DxT Medical and AST into the Meridian infrastructure, while further defining the divisions for growth into the future.
The shares of common stock and the shares issuable upon exercise of the Series A Warrants were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-216621), which was declared effective by the United States Securities and Exchange Commission ("SEC") on June 19, 2017. The Series B Warrants were offered in a concurrent private placement and the Series B Warrants and underlying shares of common stock have not been registered under the Securities Act of 1933, as amended.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A prospectus supplement relating to the shares of common stock and shares of common stock issuable upon exercise of the Series A Warrants will be filed by Meridian with the SEC. When available, copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Garden State Securities Inc., 328 Newman Springs Road, Red Bank, New Jersey 07707.
About Meridian Waste Solutions, Inc.:
Meridian Waste Solutions, Inc. (NASDAQ: MRDN) is a company defined by our commitment to servicing our customers with unwavering respect, fairness and care. We are focused on finding and implementing solutions for the resource needs and challenges of our customers with a fundamental objective to seek rewarding environmental solutions through technology and innovation. Our core waste business is centered on residential and commercial waste collection and disposal. Currently, the company operates in St. Louis, Missouri and Richmond, Virginia servicing over 113,000 residential, commercial, industrial and governmental customers. In addition to a fleet of commercial, residential and roll off trucks, the Company operates three transfer stations, one recycling facility and three municipal solid waste landfills. The technology division centers on creating community-based synergies through healthcare collaborations and software solutions. Our innovation division (http://meridianinnov.com) strives to create value from recovered resources, through advanced byproduct technologies and assets found in downstream production. For more information, visit www.MWSinc.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
Media and Investors Contact:
Hayden IR
ir@meridianwastesolutions.com
(917) 658-7878
SOURCE: Meridian Waste Solutions, Inc.
