VBI Vaccines announces $2M registered direct offering

VBI Vaccines announced that it has entered into definitive agreements for the sale and issuance of 2,272,728 common shares or pre-funded warrants in lieu thereof of VBI at an offering price of 88c per common share or per pre-funded warrant in lieu thereof in a registered direct offering priced at-the-market under the Nasdaq rules. In a concurrent private placement, VBI will issue unregistered warrants to purchase up to 2,272,728 common shares. The warrants have an exercise price of 76c per share, will be exercisable on the date of issuance, and will expire five years following the date of issuance. The closing of the offering is expected to occur on or about April 11, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to VBI from this offering are expected to be approximately $2M, which VBI intends to use for working capital and general corporate purposes.