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news.Novavax has completed the previously announced registered direct equity financing of $18 million by issuing common stock and warrants from its existing shelf registration statement.
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The company sold 6.68 million units to certain current and new institutional shareholders and certain affiliates of the company. Each unit was comprised of one share of common stock and a warrant to purchase 0.5 shares of common stock and was sold at a purchase price of $2.68 per unit.
The warrants, which represent the right to acquire 3.34 million shares of common stock, will be exercisable at a price of $3.62 per share and have a five year term. The company has completed the financing without using the services of a placement agent or underwriter. Net proceeds of the offering after expenses are expected to be $17.6 million.
The company intends to use the proceeds from this offering for preclinical and clinical studies for its virus like particles based vaccines, internal R&D programs, working capital, capital expenditures and other general corporate purposes.