IMUNON Enters Agreement to Sell 1,939,114 Shares to Institutional Investor

IMUNON entered into a securities purchase agreement with a single healthcare-focused institutional investor for the purchase and sale of 1,939,114 shares of common stock, together with warrants to purchase up to an aggregate of 1,939,114 shares of common stock, in a registered direct offering priced at-the-market under Nasdaq rules. Each share of common stock is being sold together with one warrant to purchase one share of common stock at a combined purchase price of $3.61. The warrants will have an exercise price of $3.482 per share, will be exercisable immediately upon issuance, and will expire five years from the date of issuance. The pre-funded warrants will have an exercise price of $0.0001 per share, will be exercisable immediately upon issuance, and will not expire. Maxim Group is acting as the lead placement agent for the offering. Brookline Capital Markets, a division of Arcadia Securities, is acting as co-placement agent for the offering. The gross proceeds to IMUNON from the offering are expected to be approximately $7M, before deducting placement agents' fees and other estimated offering expenses. The offering is expected to close on or about December 31, subject to satisfaction of customary closing conditions.