Saint Herblain (France), September 30, 2022 – Valneva SE VALNVLA (the “Company”), a specialty vaccines company, today announced the price of 21,000,000 common shares in a global offering to certain categories of investors consisting of a public offering of 375,000 American Depositary Shares (“ADSs”), each representing two common shares , in the United States (the “US Offering”) and a concurrent private placement of 20,250,000 common shares in certain jurisdictions outside the United States (the “European Private Placement” and together with the US Offering, the “Global Offering”).
Due to excessive demand, the company increased the issuance from a previously announced expected amount of US$40 million. Total gross proceeds are therefore expected to be approximately EUR 102.9 million, equivalent to approximately USD 99.9 million, based on the exchange rate of EUR 1.00 = USD 0.9706 as set by the European Central Bank on September 29th Exchange rate as reported in 2022 gross of underwriting commissions and estimated costs to be paid by the Company.
All securities to be sold in the global offering will be offered by the Company. The ADSs are listed on the Nasdaq Global Select Market under the ticker symbol “VALN” and the Ordinary Shares are listed on the Euronext Paris Regulated Market (“Euronext Paris”) under the symbol “VLA”.
Goldman Sachs, Jefferies, Guggenheim Securities and Bryan, Garnier & Co. are acting as Joint Bookrunners for the Global Offering (collectively, the “Underwriters”).
Global supply pricing and discount
The offer price has been set at €4.90 per common share, which equates to a price of $9.51 per ADS.
The offer price of the ordinary shares represents a discount of 3.92% from the closing price on September 29, 2022 and 8.39% from the reference price set by the Company pursuant to the 24th resolution of the Company’s annual general meeting of June 23, 2022 .The one from the…
