IMV Stock Plunges After Raising $25M Via Equity Issued At 16% Discount

  • IMV Inc IMV has priced its previously-announced underwritten public offering of 14.3 million shares at $1.75 per Unit, for gross proceeds of approximately $25 million. 
  • The offer price represents a discount of 16% from the last close price of $2.08 on Wednesday.
  • Each Unit includes one common share and three-quarters of one common share purchase warrant. 
  • Each Warrant has an exercise price of $2.10 per share.
  • The Company will use the proceeds to continue developing maveropepimut-S (DPX-Survivac) in various cancer indications and start developing a new product, DPX-SurMAGE, in bladder cancer.
  • Wells Fargo Securities and Cantor are acting as joint book-running managers. BTIG is acting as lead manager, and iA Private Wealth is acting as co-manager.
  • The offering will close by July 20.
  • Price Action: IMV shares are down 22.1% at $1.62 during the premarket session on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: BiotechNewsPenny StocksHealth CareFinancingOfferingsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!