Deal sells 3 million shares at $2.10, $2.08 per share, company reports
By Devika Patel
Knoxville, Tenn., Aug. 18 – VBI Vaccines Inc. settled a $6.29 million private placement of stock with 19 investors on Aug. 14, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on Aug. 13, raising $4.8 million at pricing and $1.49 million on Aug. 14.
The company sold 3 million common shares. It sold 2,285,000 shares on Aug. 13 and 715,000 shares on Aug. 14.
The first tranche shares were sold at $2.10 apiece and the second tranche shares were sold at $2.08 each. The prices per share are 6.38% and 7.23% discounts to the Aug. 12 closing share price of $2.35. The company noted in the filing that the prices also were equal to 85% of the average of the volume weighted average prices of the stock for the 10 trading days preceding each closing.
Investors included ARCH Venture Fund VI, LP, Perceptive Life Sciences Master Fund Ltd and Titan-Perc Ltd.
Proceeds will be used for working capital and general corporate purposes, including development of the company’s vaccine pipeline.
“The private placement will help strengthen VBI’s balance sheet as we further our mission of innovative vaccine formulation and development of safe and effective prophylactic and therapeutic vaccines,” president and chief executive officer Jeff Baxter said in a press release. “We are very excited for VBI’s future prospects and we are grateful to our new and existing investors for their support.”
The biopharmaceutical company is based in Cambridge, Mass.
| Issuer: | VBI Vaccines Inc.
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| Issue: | Common stock
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| Amount: | $6,285,700
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| Shares: | 3 million
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| Price: | $2.10 (for 2,285,000 shares), $2.08 (for 715,000 shares)
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| Warrants: | No
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| Investors: | ARCH Venture Fund VI, LP, Perceptive Life Sciences Master Fund Ltd and Titan-Perc Ltd.
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 13 (for $4,798,500), Aug. 14 (for $1,487,200)
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| Stock symbol: | Nasdaq: VBIV
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| Stock price: | $2.35 at close Aug. 12
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| Market capitalization: | $53.68 million
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