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Imunon, Inc. (NASDAQ:IMNN), currently trading at $0.52 and with a market capitalization of $11 million, announced Monday that it has been granted an exception by a Nasdaq Hearing Panel to address its non-compliance with continued listing standards on the Nasdaq Capital Market. The information is based on a statement in a press release and details disclosed in a Securities and Exchange Commission (SEC) filing.According to InvestingPro data, the stock has fallen 17% in the past week, with technical indicators suggesting oversold conditions. InvestingPro offers 15+ additional insights about IMNN’s financial health and market position.
According to the company, the exception, granted on Friday, allows additional time for Imunon to regain compliance with both the minimum bid price of $1.00 per share and the minimum stockholders’ equity requirement set by Nasdaq rules. Imunon had previously received notices from Nasdaq, beginning in November 2024, for failing to meet the minimum bid price over a 30-day period and, in May 2025, for not maintaining the minimum required stockholders’ equity of $5 million.
After failing to regain compliance by May 27, 2025, Imunon received a delisting determination letter from Nasdaq on May 28, 2025. The company requested a hearing before the Nasdaq Panel, which temporarily stayed any suspension or delisting action. On Friday, the Panel granted an exception tailored to the time needed for the company to meet the listing requirements.
Imunon is required to promptly notify the Panel of any significant events that may impact its ability to satisfy the terms of the exception.
The company also stated that there is no assurance it will be able to regain compliance with Nasdaq’s listing standards or that it will implement a reverse stock split if necessary.
Separately, at its annual stockholders’ meeting on Friday, Imunon’s stockholders approved an amendment to the company’s 2018 Stock Incentive Plan. The amendment increases the aggregate number of shares available under the plan by 2,000,000 shares, raising the total limit to 3,970,000 shares.
Imunon’s common stock continues to trade on the Nasdaq Capital Market under the ticker symbol IMNN.
In other recent news, Imunon, Inc. announced several key developments that may interest investors. Shareholders approved an increase in the authorized shares of common stock from 112,500,000 to 350,000,000 and authorized a reverse stock split at a ratio between 1-for-5 and 1-for-18. This decision was part of the company’s annual meeting, where other proposals, including director elections and executive compensation, were also passed. Meanwhile, H.C. Wainwright reiterated its buy rating for Imunon, maintaining a $14 price target following promising data from the OVATION 2 study. This Phase 2 trial demonstrated significant improvements in overall survival and progression-free survival for advanced ovarian cancer patients treated with IMNN-001, alongside chemotherapy.
Additionally, Imunon presented new data from its Phase 1 trial of the IMNN-101 COVID-19 vaccine alternative, which showed better durability of protection compared to mRNA vaccines. The vaccine was well-tolerated across different dosage levels, with no serious adverse effects reported. In corporate news, Imunon appointed Kimberly Graper as the new interim Chief Financial Officer, following the termination of David Gaiero. Graper brings extensive experience from previous roles in finance and accounting, including her time at F2G Inc. and Timber Pharmaceuticals, Inc. These developments reflect Imunon’s ongoing efforts in advancing its therapeutic and vaccine platforms while managing its corporate structure.
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