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LAWRENCEVILLE, N.J. - IMUNON, Inc. (NASDAQ:IMNN), a clinical-stage biotechnology company, announced Wednesday it will implement a 1-for-15 reverse stock split of its common stock effective July 25, 2025. The company’s shares will begin trading on a split-adjusted basis when markets open on Friday. According to InvestingPro data, the stock has experienced significant volatility, with a 26% gain over the past week despite a 50% decline over the past year.
The reverse split, approved by stockholders at the Annual Meeting on July 11, aims to ensure IMUNON meets Nasdaq Capital Market’s minimum bid price requirement for continued listing. The company’s board of directors approved the specific ratio on July 21. InvestingPro analysis reveals the company faces financial challenges, with a weak overall financial health score and rapidly depleting cash reserves.
Following the split, IMUNON’s outstanding shares will decrease from approximately 31.8 million to 2.1 million. The company will continue trading under the ticker symbol "IMNN" but with a new CUSIP number: 15117N701.
All stockholders will maintain their percentage ownership in the company, with fractional shares rounded up to the nearest whole share. Stockholders holding physical stock certificates will receive instructions from the transfer agent, Equiniti Trust Company, regarding certificate exchanges, while those holding shares in brokerage accounts require no action.
IMUNON is currently developing DNA-based immunotherapies, with its lead clinical program IMNN-001 targeting advanced ovarian cancer. The company has completed multiple clinical trials, including a Phase 2 trial for this treatment, according to the press release.
The company is also working on a COVID-19 booster vaccine (IMNN-101), for which it has completed initial human dosing studies.
This announcement comes as many clinical-stage biotech companies face challenges maintaining exchange listing requirements amid market fluctuations.
In other recent news, Imunon, Inc. has taken significant steps to bolster its financial standing and maintain its Nasdaq listing. The company filed a prospectus supplement to register an additional $4.5 million of common stock for sale under its at-the-market offering program, bringing the total to $10 million. Imunon has already sold $1,815,267 in common stock through H.C. Wainwright & Co. Additionally, Imunon received an exception from the Nasdaq Hearing Panel, allowing it more time to address its listing deficiencies and meet the minimum bid price and stockholders’ equity requirements.
At its annual meeting, Imunon shareholders approved an increase in authorized shares from 112.5 million to 350 million, alongside authorizing a reverse stock split with a ratio to be determined by the board. Meanwhile, H.C. Wainwright reiterated its buy rating on Imunon stock, maintaining a price target of $14. This follows the company’s announcement of new translational data from its OVATION 2 study, which showed significant increases in anti-cancer immune cytokines. These developments indicate Imunon’s strategic efforts to improve its financial health and continue its research advancements.
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