VBI Vaccines raises $2M in registered direct offering; discloses $23.7M cash as of Dec 31, 2023

VBI Vaccines Inc/BC

Sold 2,272,728 common shares at $0.88 each with warrants to buy same at $0.76, 5-year term.
Net proceeds ~$1.7M after placement agent fees; funds for working capital and general corporate purposes.
Preliminary unaudited cash balance as of Dec 31, 2023: approximately $23.7M.
Offering closed April 11, 2024; H.C. Wainwright acted as exclusive placement agent.
Placement agent received warrants for 136,364 shares at $1.10 per share.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VBI Vaccines Inc/BC entered into Securities Purchase Agreement with institutional investors valued at $0.88 per Share (effective 2024-04-09).

Action: entry
Agreement: equity purchase
Counterparty: institutional investors
Value: $0.88 per Share
Effective: 2024-04-09

Exact text from the filing

VBI Vaccines Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with institutional investors, pursuant to which the Company agreed to sell and issue, in a registered direct offering (the “Offering”), (i) 2,272,728 common shares (the “Shares”) of the Company, no par value per share (the “Common Shares”), and (ii) warrants (the “Common Warrants”) to purchase up to 2,272,728 Common Shares, at a purchase price of $0.88 per Share and associated Common Warrant.

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Source: SEC EDGAR

accession 0001493152-24-014323

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