Summary by Moomoo AI
Virpax Pharmaceuticals, Inc. (Virpax), a preclinical-stage pharmaceutical company, has announced an offering of up to 2,008,032 shares of common stock, alongside Series A-1 and Series A-2 Common Warrants to purchase an equivalent number of shares. Additionally, the offering includes up to 2,008,032 Pre-Funded Warrants to purchase shares of common stock. The Pre-Funded Warrants are immediately exercisable at a nominal exercise price and are being offered to certain investors whose purchase would result in ownership exceeding 4.99% or 9.99% of outstanding common stock post-transaction. The offering is conducted on a best-efforts basis by A.G.P./Alliance Global Partners as the sole Placement Agent. The company plans to use the net proceeds for working capital, general corporate purposes, and to potentially pay a portion of the $2.5 million due on July 1, 2024, as part of a Settlement Agreement with Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc. The offering is expected to close within two business days from the commencement date.
