Company: DVAX
Filing Date: 2025-03-06
Form Type: 8-K
Source: 0001193125-25-047732
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Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-03-06
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement  

On March 5, 2025, Dynavax Technologies Corporation (the “ Company”) entered into privately negotiated exchange and subscription agreements (the “ Exchange and Subscription Agreements”) with certain holders of its outstanding 2.50% Convertible Senior Notes due 2026 (the “2026 Notes”) and certain new investors, pursuant to which the Company will issue $225.0 million aggregate principal amount of its 2.00% Convertible Senior Notes due 2030 (the “ New Notes”). The Company will issue approximately $185.3 million aggregate principal amount of the New Notes and pay cash in the amount of approximately $82.5 million, representing the premium and accrued and unpaid interest on the 2026 Notes, (the “ Cash Payment”) in exchange for approximately $185.3 million aggregate principal amount of the 2026 Notes (the “ Exchange Transactions”). The Company will also issue approximately $39.7 million aggregate principal amount of the New Notes for cash (the “ Subscription Transactions” and together with the Exchange Transactions, the “ Transactions”). Following the closing of the Transactions, which is expected to occur on or about March 13, 2025 (the “ Closing Date”), subject to customary closing conditions, approximately $40.2 million in aggregate principal amount of the 2026 Notes will remain outstanding with terms unchanged, in addition to $225.0 million aggregate principal amount of the New Notes.

The Company will not receive any cash proceeds from the Exchange Transactions. The Company estimates that the gross proceeds from the Subscription Transactions will be approximately $39.7 million. The Company expects to use the gross proceeds from the Subscription Transactions, together with the net proceeds from the Unwind Transactions described below and cash on hand, to make the Cash Payment described above and the Share Repurchases (as defined below).

The New Notes will be issued pursuant to, and governed by, an indenture (the “ New Notes Indenture”), to be dated as of the Closing Date, between the Company and U. S. Bank Trust Company, National Association, as trustee (the “ Trustee”). When issued pursuant to the New Notes Indenture, the New Notes will bear interest from March 13, 2025 at a rate of 2.00% per annum, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2025. The New Notes will mature