Virax Biolabs Group Limited (Nasdaq: VRAX) has entered into a definitive agreement for the exercise of certain outstanding preferred investment options, expecting to generate approximately $3.3 million in gross proceeds before placement agent fees and offering expenses.

The agreement covers the exercise of options to purchase up to 548,000 ordinary shares at a reduced price of $6.00 per share, down from an original exercise price of $10.00. The options were originally issued in October 2023, amended in December 2025, and in December 2025.

In exchange for the immediate cash exercise, the company will issue two new series of unregistered warrants. The Series A Preferred Investment Options cover up to 548,000 ordinary shares, and the Series B Preferred Investment Options cover up to 1,096,000 ordinary shares. Both carry an exercise price of $6.00 per share and become exercisable following shareholder approval of an increase in the company's authorized ordinary shares.

The Series A options expire five years after the later of the effective date of a resale registration statement or the authorized share increase. The Series B options carry an 18-month expiration under the same conditions.

The offering was expected to close on or about July 10, 2026, subject to customary closing conditions. The company said it intends to use net proceeds for working capital and general corporate purposes.

H.C. Wainwright & Co. is acting as exclusive placement agent for the offering. The company said it has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of shares issuable upon exercise of the new warrants.