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ADRs of Immuron Limited (NASDAQ:IMRN) traded lower in the premarket on Wednesday after the Australian biotech announced plans to raise up to about $2M in funding through an at-the-market (ATM) equity offering.
ATM programs allow listed companies to raise capital at existing market prices. Unlike traditional secondary offerings, where a large number of shares are issued all at once, companies use ATM facilities to issue shares gradually over a specific period.
Carlton, Australia-based Immuron (IMRN) has partnered with H.C. Wainwright to implement the ATM facility.
The announcement, made via a regulatory document submitted to the Securities and Exchange Commission (SEC) on Tuesday, also included a filing detailing the company’s plans to raise up to $15M over three years in the U.S.