I believed I answered that in the post you replied to. I was...

I believed I answered that in the post you replied to.

I was interested in backing another biotech and still have the same view. I felt the SPP was a compelling trade for the reasons I outlined … and it worked out. I wanted to get my IMU SPP money out ASAP and free carry the options. It was a pure play on the SPP, and for me it worked out well.

I was so disinterested in IMU at the time that I wasn’t even following the stock or threads. It was actually @Davisite who pointed out to me the huge drop in IMU due to the cap raise, likely due to short sellers. I then investigated further. I got interested when IMU hit 6c while the institutional placement was priced at 8.3c. I was mainly interested in the very generous free IMU 1:1 SPP options and didn’t care about the fundamentals… it was a pure short term trade / arbitrage on the SPP v placement price.

By the way, I wrote a brief comparison between the last 3 biotech cap raises I have participated in … IMU (late 2023), CU6 (early 2024) and RAC (closing 4 June 2024). History doesn’t repeat but I am hoping it will be 3 out of three for me. Not long to find out.