Ann: Imugene completes $90 M placement and launches $5 M SPP, page-246

I think you really need to sell and invest in another stock if you are worried that IMU simply wants a large cash balance because the results might not be well received by the market. For starters ... IMU didn't seek the funds. Investors experienced in this field came a knockin' offering huge sums to buy a piece of the action. If that doesn't assuage your fears re upcoming results and they way they will be received ... nothing will.
No doubt a number of investors are selling at 30c in order to have funds to take part in the SPP ... but boy will they be disappointed when they receive their allocation given the SPP is only raising $5M. By the time they get their refunds back from the company ... they will be buying back shares at a higher price than 30c IMO. Much better to buy on market while the SP is 30c because it won't be that low for long imo!