IMV tumbles on $25 mln equity raise

Imv

15/07/2021 13:29

** U.S.-listed shares of IMV Inc  IMV.O  down ~20% premarket
as Canadian immuno-oncology firm prices public offering
    ** Co sells ~14.3 mln units consisting of one share and
warrants to buy up to one additional share for $25 mln gross
raise  urn:newsml:reuters.com:*:nBwTmWtja
    ** Units offering price of $1.75 represents ~16% discount to
stock's last close
    ** Co plans to use net offering proceeds to continue
clinical development of lead candidate, DPX-Survivac, among
other uses
    ** IMV has ~67.8 mln shares outstanding, per Refinitiv data 
    ** Wells Fargo and Cantor jt bookrunners for offering
    ** Stock has lost more than half its value over the past one
year

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))