secwatch.observer — SEC 8-K summary
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Issuer:     Virpax Pharmaceuticals, Inc. (—)
CIK:        0001708331
Form:       8-K
Filed at:   2024-03-01T23:59:59+00:00
Accession:  0001213900-24-018995
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Virpax settles litigation for $6M + royalties; effects 1-for-10 reverse split to regain Nasdaq compliance
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- Settlement with Sorrento/Scilex: Virpax pays $6M total ($3.5M upon effective date + $2.5M by July 1, 2024) plus 6% royalties on net sales of three product candidates.
- Agreement subject to Bankruptcy Court approval; terminates if settlement order not entered by April 1, 2024.
- 1-for-10 reverse stock split effective March 1, 2024, reducing outstanding shares from ~11.7M to ~1.2M.
- Reverse split intended to regain Nasdaq minimum bid price compliance; trading symbol VRPX unchanged.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1708331/000121390024018995/0001213900-24-018995-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1708331/000121390024018995/ea0201008-8k_virpaxphrm.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-018995

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer