Overnight Market report, page-1692

DYOR but this is my number crunch of the Form F-3 filing in the US a week ago foreshadowing a shelf raise of US$100m.

Here is the original form via the SEC filings section of the Immutep website:

https://cdn.kscope.io/be966d8194c7481bdb3503594c33ad9c.html

Hypothetically and for illustrative purposes only, if the shelf was fully tapped at Friday’s US after hours closing price of US$1.69, Immutep would issue 59,171,597 new ADRs to raise the total US$100m.

At ten ordinary shares for every 1 ADR, that would result in 591,715,976 new ordinary shares added, taking Immutep’s overall float from the current ~880m up to ~1.47 billion shares on issue.

At current exchange rates it would add about AU$148m to Immutep’s cash pile.

Obviously, the higher the share price at the time of takedown from the shelf, the less new ADRs/ordinary shares have to be issued to generate the required cash.

It is of course highly unlikely the shelf would be tapped immediately. Ideally shelf takedowns occur after good news flow, to minimise dilution and optimise price received. But ultimately doing so will substantially alter the balance of US:AU holders and could potentially increase trading liquidity/price volatility, as the Nasdaq is generally much more liquid than ASX when it comes to biotech stocks and investor appetite. This assumes the ADRs end up in the market and not in the hands of one or a limited number of larger investors/partners.

This is what they’ve said so far in the filing about use of proceeds: