On October 20, 2020 ("Targovax" or the "Company"), a clinical stage immuno-oncology company developing oncolytic viruses to target hard-to-treat solid tumors, on 14 October 2020, reported a successfully completed private placement of 10,344,828 new shares in the Company (the "Private Placement") and the potential subsequent offering of up to 1,500,000 new shares at the same subscription price as in the Private Placement of NOK 7.25 per share (the "Subsequent Offering") (Press release, Targovax, OCT 20, 2020, View Source [SID1234568685]).

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The Subsequent Offering has been conditional upon the trading price of the Company’s shares being higher than the subscription price in the Private Placement in a period determined by the board of directors in its sole discretion. In the period since the announcement of the completion of the Private Placement, a number of shares in the Company exceeding the number of shares to be offered in the Subsequent Offering have traded at prices equal to or below the subscription price of NOK 7.25. On that basis, the board of directors has resolved to not proceed with the Subsequent Offering.