03:04 PM EDT, 05/29/2025 (MT Newswires) -- Immunic ( IMUX ) shares plunged nearly 25% in recent trading Thursday after the company said it priced an oversubscribed $65 million public offering of pre-funded and other warrants to purchase its common stock.

The company said it expects to use the proceeds to fund clinical trials, support operations, and for other general corporate purposes.

The offering included nearly 86.7 million pre-funded warrants sold at $0.7499 each, along with a series A warrant exercisable through year-end and a series B warrant exercisable for five years starting Oct. 1, or earlier if certain conditions are met.

Both the series A and B warrants carry an exercise price of $0.7499. If fully exercised for cash, they could generate up to an additional $130 million in gross proceeds. However, the number of exercisable warrants may shrink depending on how many pre-funded warrants are exercised before Sept. 30, according to the company.

Price: 0.68, Change: -0.23, Percent Change: -24.77