IMV Inc IMVIF

The Stonegate Process (from Andrew Hall Affidavid - May 3rd)

[Breakthorough1]

6. (...) As indicated in the Hall Affidavit, IMV’s proposed restructuring will seek to build on the informal solicitation process conducted by Stonegate prior to the initiation of the CCAA Proceedings.



III. The Stonegate Process

14. In March 2023, following an unexpected decline in its share price and resulting difficulty raising funds through capital markets, IMV engaged Stonegate to explore strategic alternatives following a review of its business.

15. Stonegate prepared teaser materials, including a solicitation letter summarizing the acquisition and investment opportunity with respect to the business and/or assets of IMV (the “Teaser”). The opportunities that were marketed by Stonegate did not contemplate expressly any acquisition or investment through an insolvency process.

16. In the context of the Stonegate process, Stonegate sent the Teaser to approximately 880 potentially interested parties across 8 different target groups, including both strategic and financial targets, who conduct business in North America, Europe and, to a lesser extent, Asia. The Teaser was modified slightly for each target group.

17. Stonegate canvassed the market by sending its Teaser by email on three separate occasions and followed up by phone with the parties who expressed interest further to receiving the Teaser and with other strategically selected targets.

18. IMV also reached out directly to parties that had previously expressed interest in IMV’s DPX technology, to solicit them for pursuit of a strategic acquisition or merger.

19. Despite the significant efforts expended by IMV, with the assistance of Stonegate, to pursue a restructuring outside of formal insolvency proceedings, IMV was unable to secure the
additional funding required or implement a transaction in the near term.