Valneva Shareholders Approve EGM Resolutions to Support Potential US IPO Plan

Saint-Herblain (France), December 22, 2020 – Valneva SE (“Valneva” or “the Company”), a specialty vaccine company focused on prevention against diseases with major unmet needs, today announced that its shareholders approved the resolutions recommended by the Management Board at its Extraordinary General Meeting (EGM) held on December 22, 2020.  Due to the COVID-19 pandemic, this EGM was held as a closed meeting without the physical presence of shareholders.  Full voting results will be available on the Company’s website within fifteen days.

Among the resolutions approved during the EGM were delegations for the management board to increase the share capital and/or to issue financial instruments.

Valneva called the EGM in order to obtain the necessary authorizations to allow the Company to prepare for a potential listing and public offering of American Depositary Shares (each representing a number of the Company’s ordinary shares) on Nasdaq in 2021 (the “Offering”), subject to market and other conditions, consistent with the Company’s previously communicated strategic plans. The timing, number of securities to be offered and their price have not yet been determined. The Company plans to submit a confidential draft registration statement to the Securities and Exchange Commission (the “SEC”) in early 2021, and the proposed Offering is expected to commence after the SEC completes its review processes, subject to market and other conditions. Shareholders and potential investors should note that the proposed Offering may or may not proceed.

This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the “Securities Act”). This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.