See Why COVAX, African Union Refuse To Buy More Moderna's COVID-19 Vaccine

COVAX, the global project to share COVID-19 vaccines, and the African Union have declined options to buy additional doses of Moderna Inc MRNA COVID-19 vaccine despite the low immunization rate as developing nations struggle to allocate supplies.
The African Union and Covax decided not to obtain more of the vaccine as developing nations struggle to turn supplies into inoculations.
Lower-income countries left behind in the global rollout are now struggling with a lack of funds, hesitancy, supply-chain obstacles, and other factors hampering distribution.
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While the African Union agreed to purchase 50 million doses for delivery in the first quarter, the body of 55 member states opted not to acquire another 60 million doses in the second quarter, a Moderna spokesperson said in an email.
Covax turned down two purchase options, one for 166 million doses in the third quarter and a second for 166 million doses in the fourth quarter, Moderna said.
Donated vaccines arriving with little notice and short shelf lives have made it even harder, commented Edward Kelley, a former director of health services for the WHO.
Price Action: MRNA shares are down 6.83% at $160.76 during the market session on the last check Tuesday.