newsfilter
← Latest News
PR Newswire·

Virax Biolabs Group Limited Announces Exercise of Preferred Investment Options for $3.3 Million Gross Proceeds

VRAX
  • Virax Biolabs Group Limited (Nasdaq: VRAX) entered a definitive agreement for the immediate exercise of outstanding preferred investment options to purchase 548,000 ordinary shares.
  • The original exercise price of $10.00 per share was reduced to $6.00 per share for this transaction.
  • Gross proceeds from the exercise are expected to total approximately $3.3 million prior to fees & expenses.
  • H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
  • In exchange for the cash exercise, the Company will issue new unregistered Series A & Series B preferred investment options.
  • The Series A options allow for the purchase of up to 548,000 ordinary shares with a $6.00 exercise price.
  • The Series B options allow for the purchase of up to 1,096,000 ordinary shares with a $6.00 exercise price.
  • The Series A options become exercisable upon shareholder approval of an authorized share increase & expire five years after the later of the registration effective date or the share increase.
  • The Series B options become exercisable upon the authorized share increase & expire eighteen months after the later of the registration effective date or the share increase.
  • The offering is expected to close on or about July 10, 2026, subject to customary closing conditions.
  • The Company intends to use net proceeds for working capital & general corporate purposes.
  • The new warrants were sold in a private placement exempt from the 1933 Act registration requirements but will be covered by a future registration statement for resale.
  • The resale of shares issuable upon exercise of the original warrants is registered under Form F-3 Nos. 333-292241 & 333-275893.