09:17 AM EDT, 07/11/2025 (MT Newswires) -- Evaxion A/S ( EVAX ) shares rose nearly 10% in recent Friday premarket activity after the clinical-stage company said it had finalized an agreement with the European Investment Bank to convert part of its debt into equity.

The European Investment Bank will convert 3.5 million euros ($4.1 million) of its 7 million euros loan to Evaxion ( EVAX ) into equity by purchasing Evaxion ( EVAX ) warrants at $4.87 each, representing an 89% premium over Evaxion ( EVAX ) stock's last close price of $2.58.

The agreement immediately bolsters Evaxion's ( EVAX ) capital structure, substantially reduces the company's overall liabilities, simplifies its balance sheet and improves its financial flexibility and cash flow, Evaxion ( EVAX ) said.