Company: IMNN
Filing Date: 2025-05-30
Form Type: PRE 14A
Source: 0001641172-25-013068
Chunk: 46

Company: Imunon, Inc.
Filing Date: 2025-05-30
Form: PRE 14A
Chunk 46
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 In addition, we issued to Wainwright, or its designees, warrants (the “Placement Agent Warrants” and together with the Common Warrants, the “Warrants”) to purchase up to an aggregate of 361,111 shares of common stock at an exercise price equal to $0.5625 per share (the “Placement Agent Warrant Shares” and together with the Common Warrant Shares, the “Warrant Shares”). The Placement Agent Warrants have substantially the same terms as the Common Warrants.

Nasdaq Listing Rule 5635 requires that a listed company seek stockholder approval in certain circumstances, including prior to the issuance, in a transaction other than a public offering, of 20% or more of the company’s outstanding common stock or voting power outstanding before the issuance at a price that is less than the lower of (i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the signing of the binding agreement in connection with such transaction, or (ii) the average Nasdaq Official Closing Price of the common stock (as reflected on Nasdaq.com) for the five trading days immediately preceding the signing of such binding agreement (the “Minimum Price”).

Reasons for the Private Placement

As of March 31, 2025 and December 31, 2024, we had cash and cash equivalents of $2.9 million and $5.9 million, respectively. We previously received a delisting notice from Nasdaq, as we are not in compliance with certain listing requirements. We intend to appeal the delisting determination on or before June 4, 2025 by requesting an appeal with a Nasdaq Hearings Panel. There can be no assurance that our request for continued listing will be granted. We believe that the Private Placement, which yielded gross proceeds of approximately $3.25 million, was necessary in light of our cash and funding requirements at the time. In addition, at the time of the Private Placement, our Board considered numerous other alternatives to the transaction, none of which proved to be feasible or, in the opinion of our Board, would have resulted in aggregate terms equivalent to, or more favorable than, the terms obtained in the Private Placement.

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The Purchase Agreement

The Purchase Agreement contains representations and warranties of us and the institutional and accredited investors, which are typical for transactions of this type. In addition, the Purchase Agreement contains customary covenants on our part that are typical for transactions of this type, including the following (each as