IMV Receives Nasdaq Notification Regarding Market Value of Listed Securities

IMV Inc. (“IMV” or the “Company”) (NASDAQ: IMV; TSX: IMV), a clinical-stage company developing a portfolio of immune-educating therapies based on its novel DPX platform to treat solid and hematologic cancers, today announced that, on November 22, 2022, the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company's Market Value of Listed Securities (“MVLS”) for the last 30 consecutive business days was below the required minimum of US$35 million for continued listing on Nasdaq under Nasdaq Listing Rule 5550(b)(2).

The notification letter is only a notification of deficiency and has no immediate effect on the listing or trading of IMV’s common shares. The Company will continue to trade on the Nasdaq Capital Market under the symbol "IMV", subject to the Company’s compliance with the other listing requirements. The Company's common shares are also listed on the Toronto Stock Exchange, and the notification letter does not affect the Company's compliance status with such listing.

The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until May 22, 2023, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(C). If at any time before May 22, 2023, the Company’s MVLS closes at or above US$35 million for a minimum of ten consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance under the MVLS requirement, and the matter will be closed. In the event the Company does not regain compliance by May 22, 2023, the Company may face delisting.

The Company’s business operations are not affected by the receipt of the notification letter and the Company fully intends to regain compliance with Nasdaq listing rules. The Company will actively monitor its MVLS and is evaluating all available options to regain compliance with Nasdaq’s continued listing criteria.

Special Meeting of Shareholders

Shareholders are reminded of the upcoming special meeting of shareholders to consider the proposed consolidation of IMV’s total issued and outstanding shares. Two leading independent proxy advisors have issued recommendations for IMV shareholders to vote FOR the proposed share consolidation. The special meeting is being held on December 7, 2022 at 11:00 a.m. (Eastern Time). We encourage you to vote your shares well in advance of the proxy voting deadline on December 5, 2022 at 11:00 a.m. (Eastern Time). For any questions or if you require assistance with voting your shares, please contact our proxy solicitation agent, Laurel Hill Advisory Group at 1-877-452-7184 (North America Toll Free), 416-304-0211 (Calls Outside North America) or by email at [e-mail].