Imunon shareholders approve increase in authorized shares and reverse split

Imunon, Inc. (NASDAQ:IMNN) held its annual meeting Friday, where shareholders approved several proposals, including an amendment to the company’s certificate of incorporation to increase the number of authorized shares of common stock from 112,500,000 to 350,000,000. The amendment became effective Friday upon filing with the Secretary of State of Delaware, according to a press release statement and SEC filing.

Shareholders also authorized the board to enact a reverse stock split at a ratio ranging from 1-for-5 to 1-for-18, with the exact ratio to be determined by the board at its discretion. InvestingPro analysis indicates the company is quickly burning through cash, which may explain these strategic capital structure decisions. The stock currently trades at $0.61, significantly below its 52-week high of $3.65.

Additional matters approved at the meeting included the election of Michael H. Tardugno and Dr. Donald P. Braun as Class III directors, each to serve until the 2028 annual meeting. The ratification of WithumSmith + Brown, PC as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was also approved.

A proposal to approve, on an advisory basis, the 2024 compensation of Imunon’s named executive officers received support from shareholders. In addition, shareholders approved the issuance of shares underlying certain warrants issued in connection with a Securities Purchase Agreement dated May 23, 2025, and an amendment to the company’s 2018 Stock Incentive Plan to increase the aggregate number of shares that may be delivered under the plan.

The voting results for the key proposals were as follows: the amendment to increase authorized shares received 6,460,459 votes in favor, 2,132,048 against, and 922,685 abstentions; the reverse stock split proposal received 6,051,762 votes in favor, 2,535,644 against, and 927,786 abstentions.

Other directors, including Dr. Stacy R. Lindborg, James E. Dentzer, Frederick J. Fritz, and Christine A. Pellizzari, continue to serve on the board.

All information is based on a press release statement and the company’s Form 8-K filed with the Securities and Exchange Commission.

In other recent news, Imunon, Inc. reported promising results from its Phase 2 OVATION 2 study, which evaluated IMNN-001 for advanced ovarian cancer. The study, presented at the ESMO Gynaecological Cancers Congress, showed significant increases in anti-cancer immune cytokines and improved overall survival and progression-free survival when combined with standard chemotherapy. H.C. Wainwright maintained its buy rating on Imunon, citing the encouraging data and setting a price target of $14. Additionally, Imunon announced data from its Phase 1 trial of IMNN-101, a COVID-19 vaccine alternative, demonstrating better durability of protection compared to mRNA vaccines. The company also appointed Kimberly Graper as the new interim CFO following the termination of David Gaiero. Imunon has regained compliance with Nasdaq's minimum bid price requirement, having maintained a closing bid price of $1.00 or more for at least 10 consecutive business days. Recent warrant exercises brought in $2.0 million, boosting stockholders' equity to $3.0 million, which helped address previous compliance concerns. The company continues to monitor its compliance with Nasdaq's listing requirements.

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