Immunic trading higher on $60 Million Oversubscribed Private Placement Equity Financing announcement

(24/7 MARKET NEWS) – Immunic, Inc. (Nasdaq: IMUX) is trading higher on strong volume after announcing that it entered into a securities purchase agreement over 8.5 million shares of its common stock at a price of $4.35 per share, a 10% premium on October 7’s closing price, and over 5 million pre-funded warrants at $4.34 per pre-funded warrant share. The deal will raise $60.0 million, less after offering related expenses, and is expected to close on October 12, 2022, subject to customary closing conditions

It’s trading at $5.05, up $1.09 (+27.53%), on volume of over 2 million shares traded, after trading nearly 6 million shares in this morning’s premarket.

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