VBI Vaccines Provides an Update on its Restructuring Proceedings
02 Agosto 2024 - 3:05PM
Business Wire
VBI Vaccines Inc. (Nasdaq: VBIV) (VBI), a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease, today provided an update on the
restructuring proceedings announced on July 30, 2024.
U.S. Chapter 15 Filing On August 2, 2024, the United States
Bankruptcy Court for the District of Delaware granted provisional
relief under Chapter 15 of the U.S. Bankruptcy Code, and scheduled
a further hearing to consider the recognition of the July 30, 2024,
Ontario Superior Court of Justice (Commercial List) order (“Initial
Order”), which granted the company protection under the Companies’
Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
(“CCAA”).
NASDAQ Listing On July 30, 2024, the Company received a letter
from the listing qualifications department staff of the Nasdaq
Stock Market LLC (“Nasdaq”) notifying the Company that its common
shares will be delisted from Nasdaq effective as of opening of
business on August 8, 2024. The Company does not intend to appeal
the delisting determination.
Stikeman Elliott LLP, Haynes and Boone, LLP, Morris, Nicols,
Arsht & Tunnell LLP, and Pearl Cohen Zedek Latzer Baratz are
acting as legal advisors to VBI. As previously announced, Ernst
& Young Inc. (“EY”) has been appointed as Monitor in the CCAA
proceedings and the proposed sale and investment solicitation
process (“SISP”).
Additional information regarding the CCAA proceeding can be
found on the Monitor’s website here, or by contacting the Monitor
at vbi.monitor@ca.ey.com or 1-888-338-1764. Additional information
regarding the Chapter 15 Case can be found here.
About VBI Vaccines Inc.
VBI Vaccines Inc. (“VBI”) is a biopharmaceutical company driven
by immunology in the pursuit of powerful prevention and treatment
of disease. Through its innovative approach to virus-like particles
(“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform
technology and a proprietary mRNA-launched eVLP (“MLE”) platform
technology, VBI develops vaccine candidates that mimic the natural
presentation of viruses, designed to elicit the innate power of the
human immune system. VBI is committed to targeting and overcoming
significant infectious diseases, including hepatitis B,
coronaviruses, and cytomegalovirus (CMV), as well as aggressive
cancers including glioblastoma (GBM). VBI is headquartered in
Cambridge, Massachusetts, with research operations in Ottawa,
Canada, and a research and manufacturing site in Rehovot,
Israel.
Website Home: http://www.vbivaccines.com/ News and Resources:
http://www.vbivaccines.com/news-and-resources/ Investors:
http://www.vbivaccines.com/investors/
Cautionary Statement on Forward-looking Information
Certain statements in this press release that are
forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are forward-looking information within the meaning of Canadian
securities laws (collectively, “forward-looking statements”). The
Company cautions that such forward-looking statements involve risks
and uncertainties that may materially affect the Company’s results
of operations. Such forward-looking statements are based on the
beliefs of management as well as assumptions made by and
information currently available to management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not
limited to, risks and uncertainties regarding the Company’s ability
to successfully complete a sale process under Chapter 15 and/or the
CCAA and/or Israeli Insolvency Law; potential adverse effects of
the Restructuring Proceedings on the Company’s liquidity and
results of operations; the Company’s ability to obtain timely
approval by the applicable courts in Canada, US, and Israel, with
respect to the motions filed in or in connection with the
Restructuring Proceedings; objections to the Company’s sale
process, the DIP Loan, or other pleadings filed that could protract
the restructuring proceedings; employee attrition and the Company’s
ability to retain senior management and other key personnel due to
the distractions and uncertainties, including the Company’s ability
to provide adequate compensation and benefits during the
Restructuring Proceedings; the Company’s ability to comply with the
restrictions imposed by the DIP Loan and other financing
arrangements; the Company’s ability to maintain relationships with
suppliers, customers, employees and other third parties and
regulatory authorities as a result of the Chapter 15, CCAA filings,
and proceedings under the Israeli Insolvency Law; the applicable
rulings in the Restructuring Proceedings, including the approval of
the DIP Loan, and the outcome of the Restructuring Proceedings
generally; the length of time that the Company will operate under
Chapter 15, CCAA protection, and protection under the Israeli
Insolvency Law, and the continued availability of operating capital
during the pendency of the proceedings; risks associated with third
party motions in the Restructuring Proceedings and/or under Israeli
Insolvency Law, which may interfere with the Company’s ability to
consummate a sale; and increased administrative and legal costs
related to the Chapter 15, the CCAA proceedings, and proceedings
under Israeli Insolvency Law, and other litigation and inherent
risks involved in a bankruptcy process, the Company’s ability to
regain and maintain compliance with the listing standards of the
Nasdaq Capital Market, the Company’s ability to satisfy all of the
conditions to the consummation of the transactions with Brii
Biosciences, the Company’s ability to comply with its obligations
under its loan agreement with K2 HealthVentures, the impact of
general economic, industry or political conditions in the United
States or internationally; the impact and continuing effects of the
COVID-19 epidemic on our clinical studies, manufacturing, business
plan, and the global economy; the ability to successfully
manufacture and commercialize PreHevbrio/PreHevbri; the ability to
establish that potential products are efficacious or safe in
preclinical or clinical trials; the ability to establish or
maintain collaborations on the development of pipeline candidates
and the commercialization of PreHevbrio/PreHevbri; the ability to
obtain appropriate or necessary regulatory approvals to market
potential products; the ability to obtain future funding for
developmental products and working capital and to obtain such
funding on commercially reasonable terms; the Company’s ability to
manufacture product candidates on a commercial scale or in
collaborations with third parties; changes in the size and nature
of competitors; the ability to retain key executives and
scientists; and the ability to secure and enforce legal rights
related to the Company’s products. A discussion of these and other
factors, including risks and uncertainties with respect to the
Company, is set forth in the Company’s filings with the SEC and the
Canadian securities authorities, including its Annual Report on
Form 10-K filed with the SEC on March 13, 2023, and filed with the
Canadian security authorities at sedarplus.ca on March 13, 2023, as
may be supplemented or amended by the Company’s Quarterly Reports
on Form 10-Q. Given these risks, uncertainties and factors, you are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by this
cautionary statement. All such forward-looking statements made
herein are based on our current expectations and we undertake no
duty or obligation to update or revise any forward-looking
statements for any reason, except as required by law.
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VBI IR@vbivaccines.com
VBI Vaccines (NASDAQ:VBIV)
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