Ann: Imugene completes $90 M placement and launches $5 M SPP, page-152

'It really gets me why they would put a cap on it.'

To me this 'surprising' CR is quite obvious that it is predominately designed for those specialist biotech institutional investors. Not the small investors like you and me.

In this instance, SPP is so called 'ethical' for the company to give opportunity to small investors to participate in the CR. Otherwise people would whinge about dilution and got left out.

Moreover
The 45c option would ensure the successful of the full SPP subscription and at the same time create demand to protect the share price
The 45c option is also good way to avoid the institutional investors to dump shares after allocated before the share price reach back to 45c and above. The 45c will become the new support after the completion of the institutional placement and SPP.

In my point of view, IMU has done everything they can to protect the share price at the same time to fulfil the cornerstone interest from the biotech institutional investors. LC has mentioned in her video numerous time that they would do the best to protect the shareholders' value.