The biotechnology company Valneva announced on Monday that it had filed with the Securities and Exchange Commission (SEC), the policeman of the American stock market, a preliminary prospectus supplement to an equity financing program.
Under this program, the company may issue to eligible investors a total gross amount of up to $75 million, or €73.2 million, in the form of American Depositary Shares (“ADS”), each of those U.S. depositary receipts representing two common shares of the company, Valneva said in a statement.
No preferential right
The biotech intends to use the proceeds from this issuance primarily for research and development of its vaccine candidates, working capital and general corporate purposes, in combination with its existing cash flow.
The ADSs and the underlying ordinary shares will be issued via one or more capital increases without preferential subscription rights, Valneva said.