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Imunon, Inc. (NASDAQ:IMNN), a pharmaceutical preparations company currently trading at $1.32 with a market capitalization of $29.2 million, has regained compliance with Nasdaq’s minimum bid price requirement, according to a recent 8-K filing. According to InvestingPro data, the stock has shown significant volatility, with a 70% gain over the past six months despite recent pullbacks. The company’s stock had maintained a closing bid price of $1.00 or more for at least 10 consecutive business days as of Monday. This development follows a previous notification from Nasdaq on November 26, 2024, indicating non-compliance due to the stock price falling below the $1.00 threshold.
Additionally, Imunon faced potential delisting due to non-compliance with Nasdaq’s minimum stockholders’ equity requirement. However, the company’s recent warrant exercises on May 30 and June 2, 2025, brought in $2.0 million, boosting stockholders’ equity to $3.0 million as of May 31, 2025. InvestingPro analysis indicates the company operates with a moderate debt level but faces challenges with cash burn and liquidity.
Imunon had requested a hearing before a Nasdaq Hearing Panel to appeal the delisting determination received on May 28, 2025. The request stayed the suspension of trading and delisting pending the hearing’s outcome. With the regained compliance, the company expects its common stock to remain listed on Nasdaq until the Panel issues a decision.
The company’s ability to maintain compliance with Nasdaq’s continued listing requirements remains subject to future developments. The forward-looking statements in the report reflect the company’s current expectations and are not guarantees of future performance. The information is based on a press release statement from Imunon, Inc.
In other recent news, Imunon, Inc. has reported significant findings from its Phase 2 OVATION 2 Study of IMNN-001, a treatment for advanced ovarian cancer. The study revealed a median increase of 13 months in overall survival and a 3-month increase in progression-free survival for patients receiving IMNN-001 in combination with standard chemotherapy. These promising results were presented at the American Society of Clinical Oncology Annual Meeting and have led to the initiation of the Phase 3 OVATION 3 Study. Additionally, Imunon is facing potential delisting from the Nasdaq Capital Market due to non-compliance with minimum bid price and stockholders’ equity requirements. The company plans to request a hearing to delay the delisting and is considering a reverse stock split to regain compliance. In a separate development, Imunon has withdrawn its Registration Statement with the SEC, indicating it will not proceed with a planned public offering. The reasons for this withdrawal have not been disclosed. Despite these challenges, Imunon continues its efforts in advancing its clinical trials and addressing compliance issues.
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