Vaccinex announces exercise of warrants for $6.2M in gross proceeds

Vaccinex announced the entry into definitive agreements for the immediate exercise of outstanding warrants to purchase an aggregate of 1,067,492 shares of common stock at the reduced exercise price of $5.636 per share, resulting in the issuance of 827,483 shares and the pre-funding of 240,009 shares. In consideration for the immediate exercise of the warrants for cash and the payment of an additional $0.125 per new warrant, the exercising holders will also receive new warrants to purchase shares of common stock in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The new warrants will be exercisable into an aggregate of up to 1,601,238 shares of common stock, at an exercise price of $5.636 per share and will expire five years after issuance. The gross proceeds to the Company from the exercise of the Existing Warrants together with the sale of the new warrants is expected to be approximately $6.2 million. The closing of the transaction is expected to occur on or about September 18, 2024, subject to satisfaction of customary closing conditions. Participants in the transaction include entities affiliated with by Maurice Zauderer, President and CEO of the Company, and Albert D. Friedberg, Chairman of the Company’s board of directors. These entities accounted for approximately 51% of the securities in the transaction. Roth Capital Partners is acting as the Company’s financial advisor for this transaction.