04:50 AM EDT, 08/22/2024 (MT Newswires) -- Virax Biolabs Group ( VRAX ) said late Wednesday it signed a deal for the sale and issuance of about 1.1 million common shares at $4.50 per share through a registered direct offering.

The company estimates approximately $5 million in gross proceeds from the offering and said the funds will be used for general working capital. The offering is expected to close on or around Friday.

Shares of Virax Biolabs Group ( VRAX ) were down around 23% premarket Thursday.

Price: 4.93, Change: -1.47, Percent Change: -22.97