VBI Vaccines Announces Closing of Underwriters’ Partial Exercise of Option to Purchase Additional Common Shares

VBI Vaccines Inc. (NASDAQ: VBIV) (VBI or the Company), a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, today announced that the underwriters of its recent underwritten public offering of common shares and accompanying common warrants to purchase common shares partially exercised their option to purchase an additional 1,536,363 common shares at a public offering price of $1.64 per common share. The aggregate gross proceeds from this exercise were approximately $2.5 million, resulting in total gross proceeds of $23.5 million from the underwritten public offering and the previously completed concurrent registered direct offering, before deducting the underwriting discounts, commissions, and estimated offering expenses. The partial option exercise closed on July 21, 2023.

Immediately following the closing of the partial option exercise, the number of outstanding common shares of the Company is 22,872,175.

Raymond James & Associates, Inc. acted as the sole book-running manager for the underwritten public offering. Newbridge Securities Corporation acted as the lead manager for the underwritten public offering. The registered direct offering was made without an underwriter or a placement agent.

VBI intends to use the net proceeds from the underwritten offering, including the partial option exercise, for the commercialization activities for PreHevbrio [Hepatitis B Vaccine (Recombinant)] in the United States, Europe, and Canada; manufacturing of PreHevbrio and clinical materials for its pipeline programs; and ongoing activities related to its development stage candidates, including VBI-1901 (glioblastoma) and VBI-2901 (coronaviruses). The net proceeds will also be used for general corporate purposes, including working capital and capital expenditures.

A shelf registration statement on Form S-3 (File No. 333-267109) relating to these securities was previously filed with the Securities and Exchange Commission (“SEC”) on August 26, 2022 and declared effective on September 6, 2022. A final prospectus supplement and accompanying prospectus relating to the underwritten offering were filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at [phone], or by e-mail at [e-mail].