Virax Biolabs Group Ltd (NASDAQ: VRAX ) shares declined 12.79% to $0.60 in after-hours trading on Wednesday.
Check out the current price of VRAX stock here .
According to Benzinga Pro data, the stock closed on Wednesday at $0.69, up 75.11%.
$5 Million Private Placement Details
The London-based biotechnology company announced definitive agreements to sell 12.5 million ordinary shares at $0.40 per share in a private placement.
H.C. Wainwright & Co. is serving as the exclusive placement agent.
Gross proceeds are expected to total $5 million before fees and expenses.
See Also: Why Did KALA BIO Shares Jump Over 22% After Hours?
Warrant Terms And Modifications
The offering includes preferred investment options priced at $0.40 per share, exercisable immediately for five years.
The company will also reduce the exercise prices on its 2023 Series A and Series B preferred investment options to $0.40 to match the new offering and extend their expiration to five years from the Initial Registration Statement's effective date.
Expected Closing And Use Of Proceeds
The transaction is expected to close on or about Thursday, subject to customary conditions.
Virax intends to use net proceeds for working capital and general corporate purposes.
The securities have not been registered under the Securities Act of 1933 and are being sold in a transaction not involving a public offering.
Stock Performance
VRAX is down 68.87% so far this year.
Virax Biolabs has a market capitalization of $3.01 million and a 52-week range of $0.35 to $3.20.
Benzinga Edge Stock Rankings indicate that VRAX stock has a negative price trend across all time frames. Look at other players in this segment.
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