Novavax stock sinks after proposed $125 million share sale, convertible debt offering

Shares of COVID-19 vaccine maker Novavax Inc. on Wednesday sank 11% after the company announced a proposed offering to sell millions of its debt and stock. The company said the proceeds could go toward the global launch of its Nuvaxovid COVID vaccine and the repayment or repurchase of some of the $325 million of its convertible debt due in February. Novavax announced a proposed sale of up to $125 million in stock, and said it expects to grant the underwriters a 30-day option to buy up to an additional $18.75 million of its stock. In conjunction with the share offering, Novavax on Wednesday also announced a proposed $125…