---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-084053"
form_type: "8-K"
ticker: "NVAX"
cik: "0001000694"
company_name: "NOVAVAX INC"
filed_at: "2025-08-27T23:59:59+00:00"
generated_at: "2026-05-17T09:37:04.920671+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Novavax issues $225M 4.625% convertible notes due 2031, exchanges $148.7M of 2027 notes

## Summary
- Issued $225M principal of 4.625% Convertible Senior Notes due 2031; initial conversion price ~$11.14 (27.5% premium).
- Exchanged ~$175.3M of new notes for ~$148.7M of existing 5.00% 2027 notes; $49.7M for cash.
- Notes mature Sept 1, 2031; interest payable semi-annually; redeemable by company after Sept 5, 2028 if stock >130% of conversion price.
- Maximum dilution: 25,743,690 shares upon conversion at max conversion rate $8.74 per share.
- Exchange portion unregistered under Section 3(a)(9); shares upon conversion also exempt.

## SEC filing metadata
- accession: 0001104659-25-084053
- form_type: 8-K
- ticker: NVAX
- cik: 0001000694
- company_name: NOVAVAX INC
- filed_at: 2025-08-27T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/0001104659-25-084053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/tm2524511d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-084053
- JSON: https://secwatch.observer/filing/0001104659-25-084053.json
- Plain text: https://secwatch.observer/filing/0001104659-25-084053.txt

## Key facts
- Debt Financings
  NOVAVAX INC incurred convertible notes of $225.0 million aggregate principal amount with The Bank of New York Mellon Trust Company, N.A. at 4.625% per annum maturing September 1, 2031.
  - Instrument: convertible notes
  - Principal: $225.0 million aggregate principal amount
  - Counterparty: The Bank of New York Mellon Trust Company, N.A.
  - Rate: 4.625% per annum
  - Maturity: September 1, 2031
  - Event: incurrence
  source text: On August 27, 2025, Novavax, Inc. (the “Company”) consummated (the “Closing”) the previously announced privately negotiated exchange and subscription transactions, pursuant to which it issued $225.0 million aggregate principal amount of its 4.625% Convertible Senior Notes due 2031 (the “Notes”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/0001104659-25-084053-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.