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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As previously reported, Variation Biotechnologies (US), Inc. (the “Borrower”), a subsidiary of VBI Vaccines, Inc. (the “Company”), the guarantors on the pages thereto (the “Guarantors”), and Perceptive Credit Holdings, L.P. (“Perceptive”) are parties to that certain Amended and Restated Credit Agreement and Guaranty, dated December 6, 2016, as amended on September 28, 2017 and July 17, 2018 (the “Existing Credit Agreement”), and the Company had issued (i) that certain Amended and Restated Warrant in favor of Perceptive for the purchase of 363,771 common shares of the Company, with an original issue date of July 25, 2014 (the “Warrant”) and (ii) that certain Second Closing Effective Date Warrant in favor of Perceptive for the purchase of up to 1,705,053 common shares of the Company, with an original issue date of December 6, 2016 (the “Second Closing Warrant”).

On January 31, 2019, the Borrower, the Company, the Guarantors and Perceptive entered into Amendment No. 3 to Amended and Restated Credit Agreement and Guaranty and Amendment to Warrant (the “Amendment”), to (i) extend the maturity date for all loans under the Existing Credit Agreement to June 30, 2020 and (ii) extend the period the Company is required to pay only the interest on loans made under the Existing Credit Agreement from December 31, 2018 to July 31, 2019. In addition, the Amendment provided that such period may be further extended to January 31, 2020 if certain endpoints with respect to the Company’s clinical trials are achieved on or before June 30, 2019.

The Amendment also amended (i) the exercise price with respect to the Warrant to $2.75 per share and (ii) the Tranche A Exercise Price and Tranche B Exercise Price (each as defined in the Second Closing Warrant) with respect to the Second Closing Warrant to $2.75 per share.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this report is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

VBI Vaccines Inc/BC Exhibit
EX-10.1 2 ex10-1.htm   Execution Version   AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT AND GUARANTY AND AMENDMENT TO WARRANTS   This AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT AND GUARANTY AND AMENDMENT TO WARRANTS,…
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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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