A report in the Sept. 21 issue of the Prospect News PIPE Daily incorrectly described Dynavax Technologies Corp.'s financing. A corrected version follows.
Dynavax heralds $30 million investment agreement with Aspire
Offering to span 25 months, funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 21 - Dynavax Technologies Corp. arranged a $30 million 25-month financing with Aspire Capital Fund, LLC on Sept. 20, according to an 8-K filed Monday with the Securities and Exchange Commission. It has already raised $2 million under the agreement.
The company will sell the shares in tranches of 150,000 shares. The tranches may be increased to as much as 1 million shares.
The purchase price per share will be the lower of the lowest sale price for the stock on the sale date and the arithmetic average of the three lowest closing sale prices for the stock during the 12-consecutive-business-day period ending on the business day immediately preceding the purchase date.
Dynavax paid a commitment fee by issuing 600,000 shares, valued at $2.00 per share.
The sales will be made from an existing shelf registration with the Securities and Exchange Commission.
Proceeds will be used for general corporate purposes and working capital.
Dynavax, based in Berkeley, Calif., develops treatments for cancer and allergies, and it is developing a vaccine for hepatitis B.
| Issuer: | Dynavax Technologies Corp.
|
| Issue: | At-the-market firm commitment investment
|
| Amount: | $30 million
|
| Tenor: | 25 months
|
| Warrants: | No
|
| Investor: | Aspire Capital Fund, LLC
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| Fees: | 600,000 shares
|
| Pricing date: | Sept. 20
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| Settlement date: | Sept. 20 (for $2 million)
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| Stock symbol: | Nasdaq: DVAX
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| Stock price: | $1.70 at close Sept. 20
|
| Market capitalization: | $153.24 million
|
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