Valneva Renews its Sales Agreement in connection with its Existing At-the-Market (ATM) Program

Core Viewpoint - Valneva SE has filed a prospectus supplement to renew its registration statement for an At-the-Market (ATM) offering program, allowing it to sell up to $75 million of American Depositary Shares (ADS) [1][2]. Group 1: ATM Program Details - The ATM Program allows Valneva to offer and sell ADSs representing two ordinary shares, with a total gross amount of up to $75 million [2]. - The program was originally established in August 2022 but has not been utilized to date [1]. - The Sales Agreement with Jefferies LLC will remain in effect until the maximum amount is reached or terminated early [2]. Group 2: Use of Proceeds - Valneva intends to use the net proceeds from the ATM Program to fund manufacturing, commercialization, research and development of its products, working capital, and other general corporate purposes [5]. Group 3: Regulatory and Market Information - The ADSs are listed on the Nasdaq Global Market under the symbol "VALN," while the ordinary shares are listed on Euronext Paris under the symbol "VLA" [4]. - The ADSs will be issued under a shelf registration statement on Form F-3, which is pending effectiveness by the SEC [3][12]. Group 4: Share Capital Increase - The issuance of ADSs may occur through share capital increases without preferential subscription rights, with a maximum of 7,666,666 ordinary shares available for issuance [7]. - This represents a potential dilution of approximately 4.5% based on the existing share capital [7]. Group 5: Investor Eligibility - The ATM Program is available only to qualified investors, including individuals and entities involved in the pharmaceutical and biotechnology sectors [9][10].