Virax Biolabs Group Limited Announces $5 Million Private Placement

Core Viewpoint - Virax Biolabs Group Limited has announced a private placement for the purchase and sale of 12,500,000 ordinary shares at a price of $0.40 per share, aiming to raise gross proceeds of $5 million for working capital and corporate purposes [1] Group 1: Private Placement Details - The private placement includes ordinary shares and preferred investment options to purchase an additional 12,500,000 ordinary shares [1] - The exercise price for the preferred investment options is set at $0.40 per ordinary share, exercisable immediately for five years [1] - H.C. Wainwright & Co. is the exclusive placement agent for this offering [1] Group 2: Financial Implications - The expected gross proceeds from the private placement are $5 million, before deducting fees and expenses [1] - The company plans to use the net proceeds for working capital and other general corporate purposes [1] Group 3: Regulatory and Compliance Aspects - The securities involved in this transaction are not registered under the Securities Act of 1933 and cannot be reoffered or resold in the U.S. without proper registration or exemption [1] - Virax has agreed to file an initial registration statement with the SEC for the resale of the ordinary shares issued to investors [1] Group 4: Company Overview - Virax Biolabs Group Limited focuses on immunology research and diagnostics, particularly in the detection of immune responses to viral diseases [1] - The company is developing T cell-based test technologies aimed at diagnosing conditions like Long COVID and other chronic immune-related issues [1]