- Valneva ( NASDAQ: VALN ) entered in a new financing program to offer and sell, including with unsolicited investors who have expressed an interest, a total gross amount of up to $75.0M of American Depositary Shares, each ADS representing two of the company’s ordinary shares.
- To the extent that ADSs are sold pursuant to the ATM Program, the company currently intends to use the net proceeds together with its existing cash and cash equivalents, primarily for research and development of the company’s product candidates, working capital and other general corporate purposes, at the company’s discretion.
- The new ordinary shares to be sold in the form of ADSs would be issued in one or more offerings at market prices of the ADSs at the time of pricing of the considered capital increase.
- The new ordinary shares will be admitted to trading on the regulated market of Euronext in Paris and the issued ADSs will trade on the Nasdaq Global Select Market.
For further details see:
Valneva launches up to $75M at-the-market ADS offering program