Benzinga | Sep 25, 2020 05:39AM EDT

GeoVax Priced 2.56M Unit Public Offering @$5/Unit; Announced Uplisting to Nasdaq and 1:20 Reverse Stock Split

GeoVax Labs, Inc.(NASDAQ:GOVX) announced the pricing of its underwritten public offering of 2,560,000 units at a price to the public of $5.00 per unit. Each unit issued in the offering consists of one share of common stock (or pre-funded warrant to purchase common stock in lieu thereof) and one warrant to purchase one share of common stock at an exercise price of $5.00. The common stock (or pre-funded warrants to purchase common stock in lieu thereof) and warrants are immediately separable and will be issued separately. The common stock and warrants are expected to begin trading on the Nasdaq Capital Market, on September 25, 2020, under the symbols "GOVX" and "GOVXW," respectively. GeoVax expects to receive gross proceeds of $12.8 million, before deducting underwriting discounts and commissions and other estimated offering expenses. Concurrent with the offering, the Company will effectuate a reverse split of its issued and outstanding common stock at a ratio of 1-for-20. The reverse stock split is expected to be effective at 12:01 a.m., Eastern Time, on Friday, September 25, 2020. The share numbers and pricing information in this release are adjusted to reflect the impact of the reverse stock split.

GeoVax has granted the underwriters a 45-day option to purchase up to an additional 384,000 shares of common stock, pre-funded warrants and/or warrants at the public offering price to cover over-allotments, if any. The offering is expected to close on September 29, 2020, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager for the offering and Joseph Gunnar & Co., LLC is acting as co-manager for the offering.