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

IMV Inc (NASDAQ: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.