VBI Vaccines Inc. (Nasdaq: VBIV) has provided an update on its restructuring proceedings, initially announced on July 30, 2024.
U.S. Chapter 15 Filing:
On August 2, 2024, the U.S. Bankruptcy Court for the District of Delaware granted provisional relief under Chapter 15 of the U.S. Bankruptcy Code. The court also scheduled a hearing to review the July 30, 2024, order from the Ontario Superior Court of Justice (Commercial List), which granted VBI protection under the Companies’ Creditors Arrangement Act (CCAA).
NASDAQ Listing:
On July 30, 2024, Nasdaq informed the company that its common shares will be delisted effective August 8, 2024. VBI has decided not to appeal this decision.
Legal and Advisory Team:
VBI is being advised by Stikeman Elliott LLP, Haynes and Boone, LLP, Morris, Nichols, Arsht & Tunnell LLP, and Pearl Cohen Zedek Latzer Baratz. Ernst & Young Inc. (EY) has been appointed as the Monitor in the CCAA proceedings and the proposed sale and investment solicitation process (SISP).
For more details on the CCAA proceedings, visit the Monitor’s website or contact them at [email protected] or 1-888-338-1764. Information on the Chapter 15 case can be found here.
About VBI Vaccines Inc.:
VBI Vaccines Inc. is a biopharmaceutical company focused on immunology to develop vaccines and treatments for various diseases. Utilizing its innovative virus-like particle (VLP) technologies, including its proprietary enveloped VLP (eVLP) and mRNA-launched eVLP (MLE) platforms, VBI aims to address major infectious diseases and aggressive cancers. The company is headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and a research and manufacturing site in Rehovot, Israel.
