Thanks Wells, with all due respect all this talk of PH waiting and waiting for the right time to list on the Nasdaq is a nonsense. PH and Bell Potter do not have a sound track record in driving Imugene (IMU -ASX) forward financially, and this job should be left to the experts, corporate advisory firms who do it very day, in the much larger US markets. IMO PH has done a wonderful job in acquiring IP, but realistically he has been able to pull the wall over LC’s eyes from a financial management perspective given her lack of financial experience.
I mean look at the decisions made by Imugene as opposed to Harpoon from a financial perspective in recent months. In October, Harpoon completed a financing supported by a top-tier investor syndicate for up to approximately $150 million including $100 million received at closing and up to $50 million in cash warrants. The financing extends their cash runway into 2026 assuming $50 million from future exercises of cash warrants issued with the financing, and into the second half of 2025 with $100 million received at closing, excluding any future proceeds from the exercise of the cash warrants. Prior to that In August, Harpoon’s Board of Directors approved a reverse stock split of the Company’s outstanding common stock at a ratio of one-for-ten. The reverse split became effective September 1, 2023. All this at no significant dilution to the stock nor effect on the share price, other than to see the SP practically double from October to November.
Conversely PH and Bell Potter practically harpooned (pardon the pun) IMU on the ASX through a poorly constructed CR that brought excess dilution to an already diluted stock, more equity to an already equity rich board (including himself), and a pathetic 12 month price target from their own advisors (Bell Potter), due in part to the CR and subsequent dilution. IMO there is an evident chasm between the recent corporate management of Imugene and the aforementioned Harpoon.
In answer to your initial Nasdaq question I would look at it this way. Listing on the ASX is akin to being listed on a search engine like BING, as opposed to being listed on Google. It doesn't matter when you list over time you are going to have more eyeballs watching you, more stock analysts talking to their clients about you. I mean look at Harpoon again as an example and the cross section of analysts covering the stock.
| FIRM | ANALYST |
|---|
| 1 | Baird | Colleen Kusy |
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| 2 | Canaccord Genuity | Bill Maughan, Ph.D. |
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| 3 | Citi | Yigal Nochomovitz, Ph.D. |
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| 4 | H.C. Wainwright & Co. | Swayampakula Ramakanth, Ph.D. |
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| 5 | Leerink Partners | Jonathan Chang, Ph.D. |
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| 6 | TD Cowen | Tara Bancroft, Ph.D. |
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| 7 | Truist Securities | Asthika Goonewardene |
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Does Imugene have anywhere near that sort of analyst coverage?
It’s like PH wanting to handle all the business, commerce and M&A activity in house with a small team of staff including Monil Shah. Why bother? Okay so they have some contacts in the biotech field. But so what? Morgan Stanley , Goldman Sachs or BMI to name a few, are the movers and shakers in that arena.
PH has acquired an enviable pipeline of products for Imugene. LC has taken these products as far as possible in a diligent and professional manner during her tenure as MD and CEO of Imugene. But stick to your knitting. If science is your thing, stick to it, and in the mean time find the best advisers you can, be it in finance, corporate advisory or communications, along the pathway to success.
Listing on the Nasdaq by no means guarantees you success, just as listing on th AIM in the UK or the Hang Seng in HK does. There are always going to be peaks and troughs in shareholder value on the road to eventual success, if your product is good enough that is. But what the Nasdaq listing does do is open your product up to a plethora of new eyeballs, as outlined earlier. Let me ask you, if you were a singer or recording artist, would you prefer to have your song listed on Vimeo, or YouTube?
DYOR Seek investment advice as and when required Opinions only
Hawksbar currency does play a role but do you want to seen as being cheap? Good value maybe. But isn't price determined by supply and demand? Wouldn't there be more demand for your stock if it were listed on a larger bourse? More people see your car if its listed on carsales.com.au than they do if listed in the classifieds of your local newspaper, irrespective of the price it is selling for.
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