Evaxion has finalized its agreement with the European Investment Bank to convert debt into equity. EIB will convert EUR 3.5M of its EUR 7M loan to Evaxion into equity via a purchase of ordinary Evaxion warrants at a price of $4.87, corresponding to a premium of 89% to the share price by market close yesterday. The agreement immediately increases Evaxion’s equity by $4.1M, bolstering Evaxion’s capital structure. Further, it substantially reduces Evaxion’s overall liabilities, simplifies its balance sheet and improves its financial flexibility and cash flow.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on EVAX:
- Evaxion A/S Announces Executive Changes to Boost AI-Immunology Platform
- Evaxion Biotech announces Kanstrup has stepped down as CEO
- Evaxion Expands R&D with New Group A Streptococcus Vaccine Program
- Evaxion Biotech expands R&D pipeline with new vaccine program
- Evaxion Secures Gates Foundation Grant for Innovative Polio Vaccine