Novavax Floats New Stock Issue

By Eric Volkman – Sep 24, 2013 at 7:52PM

NASDAQ: NVAX

Novavax

Market Cap

$581M

Today's Change

(-4.82%) -$0.20

Current Price

$3.95

Price as of April 25, 2024, 4:00 p.m. ET

The company aims to raise nearly $83 million from the offering.

Novavax (NVAX -4.82%) 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.

Fool contributor Eric Volkman has no position in Novavax, and neither does The Motley Fool. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.