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Imunon, Inc. (NASDAQ:IMNN) announced Tuesday that it has filed a prospectus supplement to register an additional $4.5 million of its common stock for sale under its existing at-the-market (ATM) offering program. The ATM program is conducted pursuant to a Sales Agreement with H.C. Wainwright & Co., LLC, acting as sales agent or principal.
According to the company’s statement, this latest filing brings the total amount of shares registered under the ATM program to $10 million. Previously, Imunon had registered up to $5.5 million in shares through the same Sales Agreement. Of the total registered amount, the company has already sold $1,815,267 in common stock through H.C. Wainwright & Co.
The prospectus supplement was filed Tuesday and covers the newly registered shares, which have a par value of $0.01 per share. The opinion regarding the legality of the shares was provided by Thompson Hine LLP and filed as an exhibit to the current report.
Imunon is incorporated in Delaware and is listed on The Nasdaq Stock Market LLC under the ticker symbol IMNN.
All information in this article is based on a statement made in the company’s SEC filing.
In other recent news, Imunon, Inc. has been granted an exception by a Nasdaq Hearing Panel to address its non-compliance with continued listing standards on the Nasdaq Capital Market. This extension allows Imunon additional time to meet the minimum bid price and stockholders’ equity requirements set by Nasdaq. The company had previously received notices for failing to meet these standards, but recent fundraising activities have helped achieve partial compliance. At its annual meeting, Imunon shareholders approved an increase in authorized shares from 112.5 million to 350 million and authorized a reverse stock split, with the exact ratio to be determined by the board.
Additionally, H.C. Wainwright has reiterated its buy rating on Imunon stock, maintaining a $14 price target following the release of new data from the OVATION 2 study. This Phase 2 trial revealed promising results, showing significant increases in anti-cancer immune cytokines when IMNN-001 was combined with chemotherapy for advanced ovarian cancer. These findings were presented at the ESMO Gynaecological Cancers Congress, highlighting potential advancements in ovarian cancer therapy.
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