Virax Biolabs (NASDAQ:VRAX) entered into definitive agreements for the purchase and sale of 3.84M shares,
Series A preferred investment options to purchase up to 3.5M shares and Series B preferred investment options to purchase up to an aggregate of 3.8M shares at purchase price of $1.04077/share.
The Series A/Series B preferred investment options have an exercise price of $0.80202/share and will be exercisable immediately on issuance for a period of five and a half years from issuance date.
Gross proceeds are expected to be ~$4M; net proceeds for the development and commercialization of its proprietary T-Cell Test technology and general corporate purposes.
Transaction is expected to close on or about Mar.10, 2023.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Shares plunged 21.9% in premarket trade.
Source: Seeking Alpha
