Vaccinex (VCNX) Receives $6.2M From Warrant Exercise

Vaccinex, Inc. (Nasdaq: VCNX) announced today the entry into definitive agreements for the immediate exercise of outstanding warrants to purchase an aggregate of 1,067,492 shares of common stock (the “Existing Warrants”) 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 “Securities Act”). 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 (priced at-the-market under the rules of the Nasdaq Stock Market) 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.

An aggregate of 768,268 of the shares of common stock issuable upon exercise of the Existing Warrants are registered for sale or resale pursuant to effective registration statements. The warrants offered in the private placement have not been registered under the Securities Act or applicable state securities laws. The Company has agreed to file a resale registration statement with the SEC to register the resale of the shares of common stock issuable upon exercise of the new warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.

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