Evaxion Biotech prices 9.73M shares at 54.4c in private placement

Evaxion Biotech (EVAX) announced a private placement financing to raise gross proceeds of approximately $5.3 million. The Private Placement includes participation from existing and new shareholders, with the largest new shareholder being MSD Global Health Innovation Fund, a corporate venture capital arm of Merck & Co. (MRK), accounting for some 25% of the total offering amount. Further, the Private Placement includes significant participation by all members of the Company’s management and the Company’s board of directors. Pursuant to the Private Placement, the Company has entered into definitive agreements for the issuance and sale of 9,726,898 of the Company’s ordinary shares, DKK 1 nominal value represented by American Depositary Shares, and accompanying warrants to purchase up to 9,726,898 Ordinary Shares represented by ADSs at a purchase price of $0.544 per Ordinary Share for an aggregate purchase price of $5.3 million. The Warrants are exercisable immediately upon issuance, have a term of three years, and an exercise price equal to $0.707 per Ordinary Share. Each Ordinary Share is represented by one ADS. The Private Placement is expected to close on or about December 21, 2023, subject to the satisfaction of customary closing conditions. No brokerage, finder’s fees, or commissions were payable by the Company in connection with the Private Placement. The gross proceeds from the Private Placement are expected to be approximately $5.3 million before deducting offering expenses payable by the Company. The Company intends to use the proceeds from the Private Placement for working capital and general corporate purposes.