IMUNON, Inc. announced on May 23, 2025, that it entered into definitive agreements for a private placement, potentially raising up to $9.75 million. The offering involves the issuance and sale of 7,222,223 shares of common stock (or pre-funded warrants) and short-term warrants to purchase up to 14,444,446 shares of common stock.
The purchase price for each share (or pre-funded warrant) and accompanying short-term warrant is $0.45. The aggregate gross proceeds to the company from the initial sale are expected to be approximately $3.25 million, before deducting fees and expenses.
An additional $6.5 million in gross proceeds could be realized if all short-term warrants are fully exercised on a cash basis. The warrants will be exercisable after stockholder approval and will expire three years from that date. The company intends to use the net proceeds for working capital and general corporate purposes, particularly for the pivotal Phase 3 OVATION 3 Study.
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