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GeoVax Announces $20 Million Registered Direct and PIPE Offerings Priced at a Premium to Market Under Nasdaq Rules
Atlanta, GA, May 25, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- GeoVax Labs, Inc. (Nasdaq: GOVX), a biotechnology company specializing in developing human
About this update from Geovax Labs, Inc.
[{"type":"text","content":"Atlanta, GA, May 25, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- GeoVax Labs, Inc. (Nasdaq: GOVX), a biotechnology company specializing in developing human vaccines and cancer immunotherapies, announced today that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the issuance and sale of 3,030,304 shares of common stock at a purchase price of $1.65 per share (or pre-funded warrant in lieu thereof) in a registered direct offering priced at a premium to market under Nasdaq rules. In a concurrent private placement, GeoVax has also agreed to issue and sell to the investor 9,090,910 shares of common stock (or common stock equivalents) at the same purchase price as in the registered direct offering. In addition, the Company has agreed to issue to the investor in the offerings unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 12,121,214 shares of common stock. The aggregate gross proceeds to the Company of both offerings are expected to be approximately $20 million. The offerings are expected to close on or about May 27, 2022, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings. The unregistered investment options will be exercisable immediately upon issuance at an exercise price of $1.65 per share and will expire five years from the date of issuance for the investment options to be issued in the registered direct offering and six years from the date of issuance for the investment options to be issued in the private placement. The shares of common stock, pre-funded warrants and shares of common stock underlying the pre-funded warrants (but excluding the shares of common stock and pre-funded warrants in the private placement and the investment options and the shares of common stock underlying the investment options) are being offered and sold by GeoVax pursuant to a “shelf” registration statement on Form S-3 (333-252437), including a base prospectus, previously filed with the Securities and Exchange Commission (SEC) on January 26, 2021 and declared effective by the SEC on February 3, 2021. The offering of the shares of common stock and the pre-funded warrants to be issued in the registered direct offering are being made only by means of a pr...