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Evaxion Biotech A/S Reports Major Capital Increases and Warrant Grants - Form 6-K Update

$EVAX
Form 6-K
Filed on: 2025-02-12
Source
Evaxion Biotech A/S Reports Major Capital Increases and Warrant Grants - Form 6-K Update

Here are the key insights extracted from the provided section of the financial report for Evaxion Biotech A/S:

  1. Company Identification:
  • Name: Evaxion Biotech A/S
  • Address: Dr. Neergaards Vej 5f, DK-2970 Hoersholm, Denmark
  • Commission File Number: 001-39950
  1. Report Type: This is a Form 6-K report, which is typically used by foreign private issuers to furnish information to the SEC.
  2. Capital Increases and Public Offering:
  • The company closed a public offering on January 31, 2025, issuing 3,997,361 American Depositary Shares (ADSs) and accompanying warrants at a combined price of $2.71 per ADS.
  • The offering led to a registered share capital increase of DKK 49,967,012.50, raising the total share capital to DKK 78,332,151.50.
  1. Warrants:
  • The Articles of Association were amended to allow for the granting of up to 1,998,675 warrants to purchase ADSs, with a term of 5 years and an exercise price of $2.71.
  • Additionally, there were capital increases registered in connection with the exercise of certain warrants on February 4, 2025, resulting in an increase to DKK 78,957,151.50.
  1. Warrant Grants:
  • On February 6, 2025, the board granted 1,367,199 warrants to directors, management, and employees, allowing them to purchase one ordinary share at an exercise price of $0.073 per share.
  • Warrants vest over time, with 1,167,199 vesting at a rate of 1/36 per month from January 1, 2025, and 200,000 vesting at 1/12 per month.
  1. Future Warrants:
  • After the recent grants, there are still 36,478,961 warrants available for future grants under the Articles of Association.
  1. Recent Amendments:
  • The Articles of Association were amended on three dates (January 31, February 5, and February 6, 2025) to reflect the capital increases and warrant issuances.
  1. Signatory:
  • The report was signed by Christian Kanstrup, Chief Executive Officer, on February 12, 2025.

This summary captures the essential financial movements, regulatory compliance, and corporate governance updates relevant to Evaxion Biotech A/S as reported in the Form 6-K.