VirnetX Holding Corp Enters into Stock Purchase Agreement

In a regulatory filing with the U.S. Securities and Exchange Commission Friday, VirnetX Holding Corp (VHC) disclosed it has entered into a definitive agreement to issue and sell approximately 5.5 million shares of common stock to Public Intelligence Technology Associates for $3.64 per share. This is a 21% discount from Friday’s closing price.

The investor recently informed the company that the closing date of the share purchase agreement will not occur on July 17 as the investor’s financing sources have not completed their due diligence of the investor. As a result, VirnetX cannot be assured that the stock purchase agreement can be continued and that funds due to the company can be recovered.

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