Novavax plans to raise $250M through stock, debt sales; Penny stock company plans reverse merger
Novavax said it will raise $125 million via a stock offering and another $125 million in convertible debt due in 2027 and may use the money to pay down existing debt and to help fund its launch of Nuvaxovid, its Covid-19 vaccine.
Novavax, based in Gaithersburg, MD, was one of the companies that raced to develop a vaccine against the coronavirus. While it eventually brought a shot to market, it was well behind the vaccines developed by Moderna, Pfizer/BioNTech and J&J.
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