VBI VACCINES INC. (TSE:VBV) Files An 8-K Entry into a Material Definitive Agreement

VBI VACCINES INC. (TSE:VBV) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

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On December 13, 2018, VBI Vaccines Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with BMO Capital Markets Corp., Canaccord Genuity LLC and Oppenheimer & Co., Inc., as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to an underwritten public offering of 26,800,000 common shares (the “Underwritten Shares”) of the Company. All of the Underwritten Shares are being sold by the Company. The offering price to the public of the Underwritten Shares is $1.40 per share, and the Underwriters have agreed to purchase the Underwritten Shares from the Company to the Underwriting Agreement at a price of $1.3055 per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, exercisable for 30 days, to purchase up to additional 4,020,000 common shares at the same price per share as the Underwritten Shares. After underwriting discounts and commissions, the Company expects to receive net proceeds from the Underwritten Offering of approximately $35.0 million (or approximately $40.2 million if the Underwriters exercise in full their option to purchase additional common shares).

The Underwritten Shares will be issued to the Company’s shelf registration statement on Form S-3 (Registration Statement No. 333-217995) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 8, 2017. A preliminary prospectus supplement and prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC. The offering is expected to close on or about December 17, 2018, subject to satisfaction of customary closing conditions.

A copy of the legal opinion and consent of Stikeman Elliott LLP, relating to the validity of the issuance and sale of the Underwritten Shares is attached as Exhibit 5.1 hereto.

The Underwriting Agreement contains customary representations and warranties, agreements and obligations, conditions to closing and termination provisions. The Underwriting Agreement provides for indemnification by the Underwriters of the Company, its directors and certain of its executive officers, and by the Company of the Underwriters, for certain liabilities, including liabilities arising under the Securities Act of 1933, as amended, and affords certain rights of contribution with respect thereto. The foregoing description of the Underwriting Agreement is qualified in its entirety by reference to the Underwriting Agreement, which is attached as Exhibit 1.1 hereto and incorporated by reference herein.

Item 8.01 Other Events.

On December 12, 2018, the Company issued a press release announcing proposed public offering of its common shares. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.

On December 13, 2018, the Company issued a press release announcing the pricing of the offering of its common shares. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is hereby incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

VBI Vaccines Inc/BC Exhibit
EX-1.1 2 ex1-1.htm   Execution Copy   VBI Vaccines Inc. 26,…
To view the full exhibit click here

About VBI VACCINES INC. (TSE:VBV)

VBI Vaccines Inc. is a development-stage biotechnology company. The Company’s principal products include cytomegalovirus (CMV) Vaccine Candidate, enveloped Virus Like Particle (eVLP) Vaccine Platform and Lipid Particle Vaccine (LPV) Vaccine Platform. The Company is also engaged in the research and development (R and D) activity. The Company’s subsidiaries includes Variation Biotechnologies (US), Inc. (VBI US) and Variation Biotechnologies Inc. (VBI Cda).

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