On April 14, 2021 Vascular Biogenics Ltd. ("VBL Therapeutics" or the "Company") (NASDAQ: VBLT), reported the closing of its underwritten public offering of 6,901,790 ordinary shares, and, to certain investors in lieu thereof, pre-funded warrants to purchase 8,050,000 ordinary shares in an underwritten public offering, at a price to the public of $1.90 per ordinary share and $1.89 per pre-funded warrant (Press release, VBL Therapeutics, APR 14, 2021, View Source [SID1234578014]). The pre-funded warrants allow investors that have restrictions on their ability to own Company stock above a designated ownership threshold (such as 4.99% or 19.99%) to invest additional capital. In practice, the pre-funded warrants are the equivalent to ordinary shares without voting rights. All of the securities in the offering were sold by VBL Therapeutics.
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The gross proceeds to the Company from the public offering, before deducting underwriting discounts and commissions and offering expenses payable by VBL Therapeutics, were approximately $28.3 million. VBL Therapeutics intends to use the net proceeds from the offering for working capital and other general corporate purposes.
Guggenheim Securities, LLC acted as bookrunning manager for the offering. Oppenheimer & Co. Inc. also acted as a joint bookrunner. Roth Capital Partners and JonesTrading Institutional Services LLC acted as co-managers.
The securities described were offered by VBL Therapeutics pursuant to a shelf registration statement on Form F-3 (No. 333-251821), including a base prospectus, previously filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement and a final prospectus supplement relating to and describing the terms of the offering has been filed with the SEC. The final prospectus supplement is available on the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained by contacting Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544, or by email at [email protected].
This press release shall 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.