Business
Novavax Announces Closing of $175.25 Million Offering of Convertible Senior Notes Due 2027 and $74.75 Million Public Offering of Common Stock
GAITHERSBURG, Md., Dec. 28, 2022 /PRNewswire/ -- On December 20, 2022, Novavax, Inc. (Nasdaq: NVAX), a biotechnology company (the "Company" or "Novavax")
About this update from Novavax, Inc.
[{"type":"text","content":"GAITHERSBURG, Md., Dec. 28, 2022 /PRNewswire/ -- On December 20, 2022, Novavax, Inc. (Nasdaq: NVAX), a biotechnology company (the \"Company\" or \"Novavax\") dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, completed the closing of its previously announced offering of $150 million aggregate amount of 5.00% Senior Convertible Notes due 2027 (the \"Notes\"), and on December 23, 2022, the Company completed the closing of the initial purchasers' option to purchase up to an additional $25.25 million aggregate principal amount of the Notes, which was exercised in full. On December 20, 2022, the Company also completed the closing of its previously announced underwritten public offering of 7,475,000 shares of its common stock, including the exercise in full of the underwriters' option to purchase up to an additional 975,000 shares of its common stock (the \"Common Stock Offering\") resulting in total gross proceeds of $74.75 million. Total combined gross proceeds to the Company from both the offering of Notes and the Common Stock Offering was $250 million.\nThe Notes were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). J.P. Morgan, Jefferies and Cowen acted as joint book-running managers and representatives of the initial purchasers for the offering of the Notes. J. Wood Capital Advisors served as financial advisor to the Company in relation to the offering of the Notes.\nThe Notes bear cash interest at a rate of 5.00%, payable on June 15 and December 15 of each year, beginning on June 15, 2023. The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Novavax' option at any time, and from time to time, on or after December 22, 2025, if the last reported sale price of Novavax' common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day immediately preceding the date on which Novavax provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any acc...