By Devika Patel
Knoxville, Tenn., Jan. 8 - Vical Inc. announced it has arranged a $25 million equity line of credit with Azimuth Opportunity Ltd.
Azimuth has committed to purchase up to $25 million of the company's registered common shares over two years. The shares will be sold at a discount ranging from 4% to 6.25%.
The maximum amount for each drawdown is limited to 2.5% of Vical's market capitalization. The company may initiate up to 24 drawdown notices during the term of the agreement, with a minimum of five trading days required between each drawdown.
Azimuth will also have the option of buying additional shares at its discretion.
Vical, based in San Diego, develops DNA-based vaccines for infectious diseases and cancer.
| Issuer: | Vical Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $25 million
|
| Tenor: | Two years
|
| Price: | Discount ranging from 4% to 6.25%
|
| Warrants: | No
|
| Investor: | Azimuth Opportunity Ltd.
|
| Pricing date: | Jan. 8
|
| Stock symbol: | Nasdaq: VICL
|
| Stock price: | $3.45 at close Jan. 8
|
| Market capitalization: | $179 million
|
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