Novavax Announces Proposed $125 Million Public Offering of Common Stock

About this update from Novavax, Inc.

[{"type":"text","content":"GAITHERSBURG, Md., Dec. 14, 2022 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a biotechnology company dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, today announced a proposed underwritten public offering to sell up to $125 million of its common stock. In connection with the common stock offering, Novavax expects to grant to the underwriters a 30-day option to purchase up to an additional $18.75 million of its common stock at the public offering price, less underwriting discounts and commissions.\nJ.P. Morgan, Jefferies and Cowen are acting as joint book-running managers and representatives of the underwriters for the common stock offering.\nConcurrently with the offering of common stock, Novavax also announced an offering of $125 million aggregate principal amount of convertible senior notes due 2027 (the \"notes\") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In connection with the notes offering, Novavax expects to grant to the initial purchasers a 30-day option to purchase up to an additional $18.75 million aggregate principal amount of the notes. The common stock offering is not contingent upon the consummation of the concurrent offering of the notes, and the concurrent offering of the notes is not contingent upon the consummation of the common stock offering.\nNovavax may use the net proceeds from the common stock offering and, if consummated, the concurrent offering of the notes, for general corporate purposes, including but not limited to the continued global commercial launch of Nuvaxovid, repayment or repurchase of a portion of the $325 million in outstanding principal amount of our 3.75% convertible senior unsecured notes due February 1, 2023, working capital, capital expenditures, research and development expenditures, clinical trial expenditures, repayments under our supply agreements, as well as acquisitions and other strategic purposes.\nA registration statement relating to the common stock offering was filed with the Securities and Exchange Commission (\"SEC\") on March 11, 2020 and is effective. The common stock offering will be made only by means of a prospectus supplement and the accompanying prospectus. Before investing in the common stock offering, purchasers shou...

More updates from Novavax, Inc.