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

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  • 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.
Posted In: BiotechNewsPenny StocksHealth CareFinancingOfferingsGeneralBriefs
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