Evaxion Biotech A/S announced on January 28, 2025, that Nasdaq Stock Market LLC granted it a 180-day extension to comply with the minimum stockholders’ equity requirement. The new deadline for formal compliance is May 12, 2025.
The company has already restored its equity above the $2.5 million minimum requirement through the exercise of prefunded warrants and sales of American Depositary Shares via its ATM-facility, securing an additional $7.8 million in cash and equity. This has extended Evaxion’s cash runway until the fourth quarter of 2025.
Evaxion also confirmed that an agreement with the European Investment Bank (EIB) for the conversion of €3.5 million of its loan into equity is still expected to be finalized in the first quarter of 2025. This conversion is anticipated to further increase Evaxion’s equity by $3.7 million.
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