Watch stocks you care about
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
Novavax (NASDAQ: NVAX ) is about to take an injection of fresh capital. The company is floating just under 27.7 million shares of its common stock in an underwritten public offering priced at $3.14 per share. Additionally, the issue's underwriters have been granted a 30-day purchase option for up to an additional 4,153,950 shares to cover overallotments.
Novavax said it plans to use the offering's anticipated net proceeds of roughly $82.6 million for "general corporate purposes, the advancement of its clinical-stage vaccine candidates and its pre-clinical research programs."
Lazard Capital Markets is the sole book-running manager of the issue, which is expected to close on or about this Friday.
Currently, Novavax has nearly 152.7 million shares outstanding, and its stock most recently closed at $3.21 per share.