Virax Biolabs Group Limited announced that entered into definitive agreements for issuing 3,843,309 ordinary shares at an issue price of $1.04077 per share, Series A preferred investment options to purchase up to an aggregate of 3,497,412 ordinary shares and Series B preferred investment options to purchase up to an aggregate of 3,843,309 ordinary shares for gross proceeds of approximately $4,000,000.70793 on March 8, 2023. The Ordinary share and associated preferred investment options in a private placement priced at the market under Nasdaq rules. The Series A preferred investment options have an exercise price of $0.80202 per ordinary share and will be exercisable immediately upon issuance for a period of five and a half years from the date of issuance.

The Series B preferred investment options have an exercise price of $0.80202 per ordinary share and will be exercisable immediately upon issuance for a period of five and a half years from the date of issuance. The private placement is expected to close on or about March 10, 2023, subject to the satisfaction of customary closing conditions. The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended the Securities Act, or applicable state securities laws.

Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.