On April 4 2018 IMV a vaccine focused preclinical biotech announced they were doing a share consolidation to gain access to a NASDAQ listing. The stock was trading at $1.86. By the time the share consolidation was approved the stock was $2.1. By the time it listed on the NASDAQ it was up another 37%.
They still do not have a product and the move was motivated by the following as laid out in their NR.
ImmunoVaccine's observations regarding the market for peers of the company which have securities listed on a stock exchange in the United States, and from discussions with both U.S.-based investment banks and other advisers, the company believes that there are potential benefits of a Nasdaq listing, including:
- A significantly larger pool of capital available;
- A greater average daily trading volume;
- A greater number of U.S. retail and institutional investors;
- A potential increase in valuation.
This is not the news I wanted but I believe it is certainly part of a bigger plan that is line as commercial products are delivered. POET is getting noticed in publications alongside major companies.
