VBIV - VBI Vaccines slides on discounted stock and warrants offering
2023-07-06 09:59:32 ET
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Shares of VBI Vaccines ( NASDAQ: VBIV ) tumbled 51.7% to $1.17 on Thursday after pricing its underwritten public offering and concurrent registered direct offering to cumulatively raise $21 million.
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The company priced the public offering of 10,909,091 common shares and accompanying common warrants to purchase up to 10,909,091 common shares at $1.65 per share to raise $18 million.
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The company priced the concurrent registered direct offering of 1,818,182 common shares and accompanying common warrants to purchase up to 1,818,182 common shares at $1.65 per share to raise $3 million.
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The offer price represents a 31.8% discount to VBIV's closing price of $2.42 on Wednesday.
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The underwriters also have a 30-day option to purchase up to an additional 1,636,363 common shares and/or common warrants to purchase up to 1,636,363 common shares.
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The net proceeds from both offerings will be used for commercialization activities for PreHevbrio in the U.S., Europe, and Canada, manufacturing of PreHevbrio and clinical materials for its pipeline programs, among other things.
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VBI Vaccines slides on discounted stock and warrants offering