- Thinly traded nano cap Vaxart (VXRT -9.4%) is down on a 16x surge in volume in response to its $8M capital raise. Specifically, it is offering ~26.7M common shares, each with an accompanying five-year warrant to purchase one share at $0.30, at at combined price of $0.30. It is also offering pre-funded warrants to purchase up to 4.1M shares.
- Gross proceeds should be ~$8M if the pre-funded warrants are fully exercised (~$7.6M if none are exercised).
- Underwriters over-allotment is an additional 4M common shares and/or warrants to purchase up to 4M shares. Closing date is September 30.