Virax Biolabs entered definitive agreements to exercise 548,000 preferred options at a reduced $6 per share, generating approximately $3.3 million in gross proceeds. The company will issue new Series A and Series B warrants to purchase up to 1.64 million ordinary shares at $6, exercisable after shareholder approval with five-year and eighteen-month expirations.
Virax Biolabs has entered into a definitive agreement to exercise 548,000 outstanding preferred investment options originally issued in October 2023 and amended in December 2025 at a reduced exercise price of $6 per share, producing gross proceeds of approximately $3.3 million before fees and expenses.
In consideration for the cash exercise, Virax will issue new Series A and Series B Preferred Investment Options to purchase up to 548,000 and 1,096,000 ordinary shares respectively, both carrying a $6 exercise price.
The net proceeds from the exercise will be allocated as working capital for general corporate purposes, with H.C. Wainwright & Co. acting as the exclusive placement agent for the financing.
The Series A warrants become exercisable upon shareholder approval of an increase in authorized ordinary shares and expire five years after registration, while Series B warrants also require approval and expire eighteen months after the effective registration and share increase.
