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IN RE VAXART, INC. STOCKHOLDER LITIGATION

Consolidated C.A. No. 2020-0767-PAF.

IN RE VAXART, INC. STOCKHOLDER LITIGATION.

Court of Chancery of Delaware.

Decided: November 30, 2021.

Corrected: December 1, 2021.

Attorney(s) appearing for the Case

Stephen E. Jenkins , F. Troupe Mickler, IV , ASHBY & GEDDES, P.A., Wilmington, Delaware; Gregory V. Varallo , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, Wilmington, Delaware; Jeroen van Kwawegen , Daniel E. Meyer , Margaret Sanborn-Lowing , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, New York, New York; Gustavo F. Bruckner , Samuel J. Adams , Daryoush Behbood , POMERANTZ LLP, New York, New York; Sascha N. Rand , Rollo C. Baker, IV , Silpa Maruri , Jesse Bernstein , Charles H. Sangree , QUINN EMANUEL URQUHART & SULLIVAN, LLP, New York, New York; Stanley D. Bernstein , Matthew Guarnero , BERNSTEIN LIEBHARD LLP, New York, New York; William J. Fields , Christopher J. Kupka , Samir Shukurov , FIELDS KUPKA & SHUKUROV LLP, New York, New York; Attorneys for Plaintiffs.

Brock E. Czeschin , Andrew L. Milam , RICHARDS LAYTON & FINGER, P.A., Wilmington, Delaware; Riccardo DeBari , Renee Zaytsev , Mendy Piekarski , THOMPSON HINE, New York, New York; Attorneys for Andrei, Wouter W. Latour , Todd Davis , Michael J. Finney , Robert A. Yedid , Anne M. VanLent , and Nominal Defendant Vaxart, Inc.

Matthew F. Davis , Abraham C. Schneider , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; Douglas A. Rappaport , Kaitlin D. Shapiro , Elizabeth C. Rosen , Madeleine R. Freeman , AKIN GUMP STRAUSS HAUER & FELD LLP, New York, New York; Attorneys for Defendants Steven Boyd, Keith Maher, Armistice Capital, LLC.

MEMORANDUM OPINION

Vaxart, Inc. ("Vaxart" or the "Company") is a small biotechnology company that embarked on developing a vaccine for COVID-19 in the early stages of the pandemic. In early June 2020, the Company's board of directors agreed to amend two warrant agreements between the Company and its one-time...

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