GeoVax Labs ( NASDAQ: GOVX ) has entered a definitive securities purchase deal with an institutional investor for the purchase and sale of 1.7M shares of its common stock. The shares are being offered at a price of $5.
00 a share in a registered direct offering priced above-the-market under Nasdaq rules. In addition, the company will issue to the investor warrants to purchase up to 1.7M shares in a concurrent private placement.
The warrants have an exercise price of $5.00 a share, will be exercisable immediately following the date of issuance and will have a term of five years from the date of issuance. The gross proceeds to the company from this offering are expected to be approximately $8.
5M; net proceeds will be used for working capital and general corporate purposes. The offering is expected to close on or about August 21, 2024, subject to the satisfaction of customary closing conditions. Shares of GeoVax Labs ( GOVX ) were down over 20% premarket on Tuesday More on GeoVax GeoVax Labs, Inc.
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