Why Immunic Plummeted by 21% on Thursday
Clinical-stage biotech Immunic (NASDAQ: IMUX) was not immune to the market's ire on Thursday. The company announced a planned new share issue that had many investors heading to the exits, and drove the stock down by more than 21% on the day.
Immunic aims to raise gross proceeds of around $45 million by selling 4.5 million shares of common stock at $10 apiece in an underwritten public offering. That price is significantly under the $11.94 closing price of the stock on Wednesday.
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Source Fool.com
