Company: DVAX
Filing Date: 2025-03-13
Form Type: 8-K
Source: 0001193125-25-054049
Chunk: 0

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-03-13
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01      Entry into a Material Definitive Agreement  

On March 13, 2025 (the “ Closing Date”), Dynavax Technologies Corporation (the “ Company”) issued $225.0 million aggregate principal amount of its 2.00% Convertible Senior Notes due 2030 (the “ New Notes”) in connection with the consummation of the previously announced transactions contemplated by the 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 one new investor. The Company issued approximately $185.3 million aggregate principal amount of the New Notes and paid 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 also issued 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, approximately $40.2 million in aggregate principal amount of the 2026 Notes remain outstanding with terms unchanged, in addition to $225.0 million aggregate principal amount of the New Notes.

The Company did not receive any cash proceeds from the Exchange Transactions. The gross proceeds from the Subscription Transactions were approximately $39.7 million. The Company used 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 were issued pursuant to, and are governed by, an indenture (the “ New Notes Indenture”), dated as of the Closing Date, between the Company and U. S. Bank Trust Company, National Association, as trustee (the “ Trustee”). Pursuant to the New Notes Indenture, the New Notes 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 on March 15, 2030, unless earlier converted, redeemed or repurchased.

Holders may convert all or any portion of their New Notes