Company: IMNN
Filing Date: 2025-06-09
Form Type: DEF 14A
Source: 0001641172-25-014324
Chunk: 59

Company: Imunon, Inc.
Filing Date: 2025-06-09
Form: DEF 14A
Chunk 59
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 to trade in our common stock. For these reasons and others, delisting would likely adversely affect the liquidity, trading volume and price of our common stock, causing the value of an investment in us to decrease and having an adverse effect on our business, financial condition and results of operations, including our ability to attract and retain qualified employees and to raise capital.

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The Board believes that a Reverse Stock Split is a potentially effective means for the Company to regain and maintain compliance with Nasdaq Marketplace Rules and to avoid, or at least mitigate, the likely adverse consequences of common stock being delisted from The Nasdaq Capital Market by producing the immediate effect of increasing the bid price of our common stock. The Reverse Stock Split will also enable the Company to support its anticipated growth, provide greater flexibility to consider and respond to future business opportunities and to recruit, retain and reward key employees.

Procedure for Affecting the Reverse Stock Split

The Board unanimously approved and recommended seeking shareholder approval of the Reverse Stock Split proposal on March 14, 2025. If our stockholders approve the Reverse Stock Split, the Board would determine the ratio from the range between, and including, 1:5 and 1:18 options. Based, in part, on the price of the common stock on the days leading up to the filing of the Reverse Stock Split Amendment, the Board will determine the ratio of the Reverse Stock Split. The Board will publicly announce the ratio selected for the Reverse Stock Split prior to the effectiveness of the Reverse Stock Split within the limits set forth in the Reverse Stock Split proposal.

The Reverse Stock Split Amendment would be filed with the Secretary of State of the State of Delaware. As of the effective date set forth in the Reverse Stock Split Amendment (the “Reverse Stock Split Effective Date”), the outstanding shares of our common stock would be combined and converted into a lesser number of shares of common stock calculated in accordance with the ratio set by the Board, within the specified range of potential ratios, and without further action on the part of the Company and our stockholders. For instance, if a stockholder presently holds 100 shares of our common stock, the stockholder will hold 10 shares of our common stock following a Reverse Stock Split effected at a ratio of one-for-ten.

Fractional Shares

No fractional shares will be issued in connection with the Reverse Stock Split. To avoid the existence of fractional shares of the Company’s common stock, any fractional shares that would otherwise be issued as a result of the Reverse Stock Split will be rounded up to