On January 30, 2025 Evaxion Biotech A/S (NASDAQ: EVAX) ("Evaxion"), a clinical-stage TechBio company specializing in developing AI-Immunology powered vaccines, reported the pricing of a public offering of an aggregate of 3,997,361 of its American Depositary Shares ("ADSs") and warrants to purchase up to 50% of the ADSs offered at a combined public offering price of $2.71 per ADS with one accompanying warrant for each two ADSs (Press release, Evaxion Biotech, JAN 30, 2025, View Source [SID1234649956]).

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MSD Global Health Innovation Fund, a corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA, who became an Evaxion shareholder in December 2023, is also participating in this offering along with healthcare-focused investment funds. There is also participation from Evaxion’s Board of Directors and Management.

The warrants will have an exercise price of $2.71 per ADS, will be exercisable immediately upon issuance and will expire five years following the date of issuance. Each ADS represents fifty ordinary shares of the company. The closing of the offering is expected to occur on or about January 31, 2025, subject to the satisfaction of customary closing conditions.

Lake Street Capital Markets, LLC and Jones are acting as the exclusive placement agents for the offering. The gross proceeds to the company from the offering are expected to be $10.8 million, before deducting the placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds of this offering to advance the company’s preclinical and clinical pipeline, and for continuing operating expenses and working capital.

The securities described above are being offered pursuant to a registration statement on Form F-1, as amended (File No. 333-283304), which was declared effective by the Securities and Exchange Commission ("SEC"), on January 29, 2025. The offering is made only by means of a prospectus forming a part of the effective registration statement relating to the offering.

A preliminary prospectus relating to the offering has been filed with the SEC and a final prospectus relating to the offering will be filed with the SEC. Electronic copies of the final prospectus, when available, may be obtained on the SEC’s website located at View Source and may also be obtained by contacting Lake Street Capital Markets, LLC at Attn: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by calling (612) 326-1305, or by emailing [email protected] or JonesTrading Institutional Services LLC ("Jones") at Attn: Equity Capital Markets, 325 Hudson Street, 6th Floor, New York, NY 10013, by emailing [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.