Evaxion Biotech finalizes agreement with EIB to convert debt into equity

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.