Loan & DebtJun 4, 2026, 08:06 AM
Imunon Secures Up To $10M Financing Via Preferred Stock and Notes
AI Summary
Imunon, Inc. has entered into a securities purchase agreement with Streeterville Capital, LLC, securing up to $10 million in financing. The deal comprises $2.5 million in Series A Preferred Stock and $7.72 million in secured promissory notes (Note A-1 for $2.72M and Note B for $5M). The funds will support general corporate purposes, including research and development for its Phase 3 OVATION 3 study. The notes have varying interest rates and maturity dates, with a portion of the funds placed in a collateral account.
Key Highlights
- Imunon, Inc. secured up to $10 million in financing through a securities purchase agreement with Streeterville Capital, LLC.
- The financing includes $2.5 million in Series A Preferred Stock and $7.72 million in secured promissory notes (Note A-1: $2.72M, Note B: $5M).
- Proceeds will be used for general corporate purposes, including R&D, capital expenditures, and working capital.
- Note A-1 carries an 8% annual interest rate and matures in 18 months; Note B carries a 5% annual interest rate and matures in 18 months.
- A portion of the proceeds ($5 million) was deposited into a cash collateral account for the notes.
- The company paid a 7% placement agent fee on gross proceeds.
Price Impact
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