Virax Biolabs Group Limited Announces Closing of $4 Million Private Placement Priced At-The-Market Under Nasdaq Rules
On March 10, 2023, Virax Biolabs Group Limited (Nasdaq: VRAX) announced the successful closing of a private placement, raising approximately
- Raised approximately $4 million in a private placement.
- Funding designated for the development of proprietary T-Cell Test technology.
- Previous warrants for 3,495,000 ordinary shares were canceled in conjunction with this placement.
The Series A preferred investment options have an exercise price of
The gross proceeds from the private placement were approximately
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in
In addition, warrants to purchase up to an aggregate of 3,495,000 ordinary shares which were previously issued in a private placement consummated by the Company in
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About
Founded in 2013,
In addition to distributing an array of viral test kits in unique geographies,
For more information, please visit www.viraxbiolabs.com.
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: the intended use of net proceeds from the private placement; our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
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FAQ
What was the amount raised by Virax Biolabs in the private placement?
What will the proceeds from the private placement be used for?
What is the exercise price for the Series A and B investment options?
Who acted as the placement agent for Virax's private placement?