Vaxart Announces $40 Million Underwritten Common Stock Offering

SOUTH SAN FRANCISCO, Calif., June 13, 2024 (GLOBE NEWSWIRE) — Vaxart, Inc. (“Vaxart”) (Nasdaq: VXRT) today announced an underwritten offering of 50,000,000 shares of its common stock at a price of offer of $0.80 per share, which represents a premium to the last closing price of $0.75 per share. The gross proceeds from the offering to Vaxart are expected to be $40 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Vaxart. The offering is expected to close on or about June 17, 2024, subject to customary closing conditions.

Oppenheimer & Co. is acting as sole book-running manager for the offering.

The securities were offered by Vaxart pursuant to an effective shelf registration statement previously filed by Vaxart with the Securities and Exchange Commission (SEC). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained by contacting: Oppenheimer & Co. Inc., Attn: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055 or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Vaxart

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needlestick injury. Vaxart believes its proprietary pill-based vaccine delivery platform is suitable for the delivery of recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill-based vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine against human papillomavirus (HPV), the first immunological indication. Vaxart oncology. Vaxart has filed numerous national and international patent applications covering its proprietary technology and creations for oral vaccination using adenoviruses and TLR3 agonists.

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Forward-looking statements

This press release contains forward-looking statements that involve significant risks and uncertainties. All statements, other than statements of historical fact, included in this press release regarding Vaxart’s strategy, outlook, plans and objectives, the results of preclinical and clinical trials and the timing of such results, agreements and marketing licenses and management’s beliefs and expectations are forward-looking statements. These forward-looking statements may be accompanied by words such as “should”, “believe”, “could”, “potential”, “will”, “expected”, “anticipate”, “plan” and other words and terms of meaning similar. Examples of such statements include, but are not limited to, statements regarding the anticipated gross proceeds and expected closing date of the offering, including the satisfaction of customary closing conditions associated with the offering. Other risks Vaxart faces are described in the “Risk Factors” sections of Vaxart’s quarterly and annual reports filed with the SEC. Vaxart undertakes no obligation to update any forward-looking statements, except as required by law.

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