By Devika Patel
Knoxville, Tenn., July 29 - Novavax, Inc. said it will sell $18 million of its units in a non-brokered direct offering.
The units will be sold via an existing shelf registration.
The company will sell a total of 6,686,650 units of one common share and a half-share warrant. The units will be priced at $2.68 per unit or $2.8425 per unit for units sold to company affiliates to raise a total of $18 million.
The whole warrants are exercisable for 3,343,325 common shares at $3.62 for five years.
Settlement is expected July 31.
Proceeds will be used for pre-clinical and clinical studies for Novavax's VLP-based vaccines, internal research and development programs, working capital, capital expenditures and other general corporate purposes.
Based in Rockville, Md., Novavax develops vaccines against infectious diseases.
| Issuer: | Novavax, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $18 million
|
| Units: | 6,686,650
|
| Price: | $2.68 ($2.8425 for units sold to insiders)
|
| Warrants: | One half-share warrant per unit (for 3,343,325 common shares)
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.60
|
| Agent: | Non-brokered
|
| Pricing date: | July 29
|
| Settlement date: | July 31
|
| Stock symbol: | Nasdaq: NVAX
|
| Stock price: | $2.78 at close July 17
|
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