IMUNON, Inc. announced on July 30, 2024, that it raised gross proceeds of $10 million through a registered direct offering. The company issued 5,000,000 shares of its common stock at an offering price of $2.00 per share to institutional and accredited investors.
In conjunction with the registered direct offering, IMUNON also issued unregistered warrants to purchase additional shares of common stock in a concurrent private placement. These warrants have an exercise price of $2.00 per share and became immediately exercisable, with a term of five and one-half years.
The closing of this financing event occurred on August 1, 2024, providing IMUNON with capital to support its ongoing clinical development programs. This capital infusion is vital for a clinical-stage biotechnology company to fund its research and development efforts.
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