GeoVax says Pure Capital defaulted on $7.2 million obligation from PIPE

By Laura Lutz

Des Moines, Nov. 8 - GeoVax Labs, Inc. said in an 8-K filing with the Securities and Exchange Commission that Pure Capital LLC has defaulted on $7.2 million that it had agreed to invest in a private placement of stock.

On July 30, Pure agreed to buy 48,387,097 shares of GeoVax at $0.155 each, for total proceeds of $7.5 million. The deal was expected to close in two tranches. The first, for $3.5 million, was expected on Aug. 6, and the second, for $4 million, was expected on Nov. 5.

Pure advanced $300,000 to GeoVax in September, according to the 8-K.

GeoVax said that the two companies entered into an extension agreement on Oct. 29, postponing the first closing to Nov. 2.

Pure did not pay the remaining amounts on Nov. 2 or Nov. 5, the 8-K said.

Discussions between the two companies are continuing, according to the filing. GeoVax also said it has begun negotiations with other potential investors.

Atlanta-based GeoVax develops vaccines for human immunodeficiency virus and other infectious diseases.

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