The Chicago Entrepreneur

Novavax stock sinks after proposed $125 million share sale, convertible debt offering

Shares of COVID-19 vaccine maker Novavax Inc. on Wednesday sank 11% after the company announced a proposed offering to sell millions of its debt and stock. The company said the proceeds could go toward the global launch of its Nuvaxovid COVID vaccine and the repayment or repurchase of some of the $325 million of its convertible debt due in February. Novavax announced a proposed sale of up to $125 million in stock, and said it expects to grant the underwriters a 30-day option to buy up to an additional $18.75 million of its stock. In conjunction with the share offering, Novavax on Wednesday also announced a proposed $125 million convertible debt offering, due in 2027. J.P. Morgan, Jefferies and Cowen were acting as joint book-running managers and representatives of initial purchasers for the debt offering, Novavax said. J. Wood Capital Advisors served as financial advisor. The company in November said it expected full-year sales to land at the low end of its outlook, after other COVID-19 vaccine and drug makers reported waning demand.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Previous post Crypto: Crypto money laundering would face crackdown under bipartisan Senate bill
Next post Exxon plans extra capacity for plastic recycling