Why IMV Stock Is Getting Hammered

IMV Ord Shs IMV shares are trading lower Friday morning after the company announced a $9 million registered direct offering price at-the-market under Nasdaq rules.

What Else?

IMV says the company intends to use the net proceeds from the Offering to continue the clinical development of its lead product candidate, maveropepimut-S, in diffuse large B cell lymphoma (DLBCL), ovarian cancer, the completion of its ongoing basket trial and to continue the development of its proprietary drug delivery platform (DPX^®) and for general corporate purposes.

The offering is expected to close on or about December 20, subject to the satisfaction of customary closing conditions.

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According to data from Benzinga Pro, IMV is trading lower by 24.7% to $2.74.