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American City Business Journals
Novavax updates plans for stock and debt offerings as its share price continues sinking
Novavax Inc.’s stock continued plunging Friday after the vaccine maker said it will seek to raise a total $215 million from separate stock and debt offerings — $35 million less than plans announced earlier this week. The Gaithersburg biotech’s share price, which ascended as high as $331.68 during the Covid-19 pandemic and reached a 52-week high of $236.50, sank Friday morning as low as $9.36 — a price the company hasn’t seen since early 2020, before it entered the coronavirus vaccine race in earnest. At its peak, Novavax’s market cap cracked $19 billion; Friday, it sat at about $812 million.
