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Highlights
- BiondVax announced the pricing of an underwritten public offering of its American Depository Shares (ADSs) on Monday.
- BiondVax is offering 3,813,560 shares for US$2.36 per share.
- The Israel-based BiondVax develops M-001 Universal Flu Vaccine.
Shares of BiondVax Pharmaceuticals Ltd. (NASDAQ:BVXV) jumped more than 31% in the pre-market trading session on Tuesday, a day after announcing the pricing of an underwritten public offering of its American Depository Shares (ADSs).
The Israel-based BiondVax develops M-001 Universal Flu Vaccine.
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What is in the offering?
On Monday, the company announced the pricing of its underwritten public offering. The firm is offering 3,813,560 American Depository Shares for US$2.36 apiece. The offering is expected to raise gross proceeds of around US$9 million, excluding discounts and other expenses.
Each ADSs will represent 40 ordinary shares of BiondVax Pharmaceuticals. The offering is expected to close by the end of this year, subject to customary closing conditions.
BiondVax is providing a 45-day option to the underwriters to buy additional ADSs at the offering price to cover over-allotments if any.
Aegis Capital Corp. is the sole book-running manager for the offering.
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What is next?
The company would use the proceeds for advancing its recently announced nanosized antibody (NanoAb) development program, according to its release.
In addition, it will use the cash for general corporate operations like working capital, and research and development, and other related activities.
BiondVax’s (NASDAQ:BVXV) stock performance, financial highlights
The BVXV shares traded at US$3.07 at 9:24 am ET on Dec 28, up 31.76% from their previous close. Its market cap is US$40.81 million, and the EPS is US$-1.12.
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The stock saw the highest price of US$7.22 and the lowest price of US$1.36 in the last 52 weeks. Its trading volume was 3,516,692 on Dec 27.
The company reported a net loss of US$2.86 million in Q3, FY21, compared to a loss of US$1.41 million in the same quarter of the previous year.
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Bottomline
The company has been on investors' radar in recent weeks. The stock gave a return of 27.58% over the past one month. Meanwhile, the company has elected Jay Green to the Board of Directors on Dec 27.
