IMV Receives Nasdaq Notification Regarding Market Value of Listed Securities

DARTMOUTH, Nova Scotia, & CAMBRIDGE, Mass.–(BUSINESS WIRE)–IMV Inc. (“IMV“or”Company”) (NASDAQ: IMV ; TSX: IMV ), a clinical-stage company developing a portfolio of immune training therapies based on its novel DPX.® platform for the treatment of solid and hematological cancers, announced today that, on November 22, 2022, the Company received a notification letter from the Listing Qualifications Division of The Nasdaq Stock Market LLC (“Nasdaq”) indicates that the Company’s Market Value of the Listed Security (“MVLS”) was below the US$35 million minimum for the last 30 business days to maintain a Nasdaq listing under Nasdaq Listing Rule 5550(b)(2).

The notification letter is a notice of default only and has no immediate effect on the listing or trading of IMV common shares. The Company will continue to trade on the Nasdaq Capital Market under the symbol “IMV”, subject to the Company’s compliance with other listing requirements. The Company’s common shares are also listed on the Toronto Stock Exchange, and the notification letter does not affect the Company’s compliance status with such listing.

The letter also stated that the Company would have a period of 180 calendar days, or until May 22, 2023, in which it would comply with Nasdaq Listing Rule 5810(c)(3)( C) re-engage, be provided. If at any time prior to May 22, 2023, the Company’s MVLS expires at or above US$35 million for at least ten consecutive business days, Nasdaq will provide written notice that the Company has met the MVLS requirement, and the matter will be a prisoner If the Company does not act again by May 22, 2023, the Company may face liquidation.

Also Read :  Industry Trends, Share, Size, Growth, Opportunities and Forecasts

The Company’s business operations are not affected by the receipt of the notification letter and the Company fully intends to regain compliance with the Nasdaq listing rules. The Company will actively monitor its MVLS and is evaluating all available options to regain compliance with Nasdaq’s ongoing listing criteria.

Special Meeting of Shareholders

Shareholders are reminded of the upcoming special meeting of shareholders to consider the proposed settlement of all IMV shares and shares. Two leading independent advisors have recommended that IMV shareholders vote in favor of the proposed share merger. The special meeting will be held on December 7, 2022 at 11:00 a.m. (Eastern Time). We encourage you to submit your bids by December 5, 2022 at 11:00 a.m. (Eastern Time). For any questions or if you need assistance voting your shares, please contact our proxy solicitation representative, Laurel Hill Advisory Group at 1-877-452-7184 (North America Toll Free), 416-304-0211 (Calls outside North America) or by email at [email protected]

On IMV

IMV Inc. is a clinical-stage immuno-oncology company developing a portfolio of therapies based on the Company’s immune training platform, DPX™. Through a different mechanism of action, the DPX platform instructs the immune system to create a specific, strong and sustained immune response. The lead IMV candidate, maveropepimut-S (MVP-S), derives antigenic peptides from survivin, a well-known cancer antigen that is often overexpressed in advanced cancers. MVP-S also provides an innate immune activator and a universal CD4 T cell helper peptide. These factors promote the growth of antigen-presenting cells as well as strong activation of CD8 T cell effector and memory function. MVP-S treatment has been well tolerated and has shown demonstrated clinical benefit in multiple cancer indications as well as activation of a targeted and sustained survivin-specific anti-tumor immune response. MVP-S is currently being evaluated in clinical trials for hematologic and solid cancers, including diffuse large B-cell lymphoma (DLBCL) as well as ovarian, bladder, and breast cancers. IMV is also developing a second immunotherapy using DPX’s noninvasive delivery platform, DPX-SurMAGE. This dual-target immunotherapy combines antigenic peptides for both survivin and MAGE-A9 cancer proteins to simultaneously elicit immune responses to these two distinct cancer antigens. A Phase 1 clinical trial in bladder cancer, using MVP-S or DPX-SurMAGE, was launched in early 2022. For more information, visit www.imv-inc.com and contact us. Twitter and LinkedIn.

Also Read :  Dow hits 2022 low as markets sell off on recession fears

IMV Forward Announcements

This press release contains forward-looking information under applicable securities laws. All information that refers to activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements use words such as “will”, “may”, “potential”, “believe”, “expect”, “continue”, “anticipate” and other similar terminology. Forward-looking statements are based on management’s estimates and opinions as of the date the statements are made. In this press release, such forward-looking statements include, but are not limited to, statements regarding IMV’s ability to maintain its Nasdaq listing beyond the settlement period. IMV Inc., except as required by law, assumes no obligation to update any forward-looking statements contained in this press release. These forward-looking statements involve known and unknown risks and uncertainties, and those risks and uncertainties include, but are not limited to, those related to the Company’s expected line of cash flow; The Company’s priorities with MVP-S and the DPX delivery platform, the potential of its delivery platform and the anticipated timing of enrollment and results for its clinical trial programs and studies, as well as other risks discussed from time to time in our ongoing quarterly filings and The information is updated annually. figure Investors are cautioned not to rely on these forward-looking statements and are encouraged to read IMV’s ongoing disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements available on SEDAR. on www.sedar.com and are available. on EDGAR at www.sec.gov/edgar.

Also Read :  Microinverters: Global Markets



Source

Leave a Reply

Your email address will not be published.