Under the terms of the agreement, Virax will issue 548,000 ordinary shares to investors. To facilitate this transaction, the company is also issuing new unregistered Series A and Series B preferred investment options, allowing for the purchase of up to 1,644,000 additional ordinary shares. These new warrants carry an exercise price of $6.00 per share and are subject to shareholder approval regarding an increase in the company's authorized ordinary shares.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the transaction. Virax, which specializes in T-cell immune profiling and diagnostic technologies for conditions like Long COVID, plans to allocate the net proceeds toward general corporate purposes and working capital. The offering is contingent upon customary closing conditions, with the company committing to file a registration statement for the resale of shares issuable upon the exercise of the new warrants.