Imunon, Inc. has entered into a securities purchase agreement with Streeterville Capital, LLC, securing up to $10 million in financing. The transaction, which closed on June 3, 2026, involves the issuance of preferred stock and two secured promissory notes. The company received $10 million in gross proceeds, with $5 million immediately available for corporate purposes, including its Phase 3 OVATION 3 study, and $5 million held as cash collateral.
Key Details
- Financing Structure: The transaction consists of the sale of 250 shares of Series A Preferred Stock for $2.5 million, a Secured Promissory Note A-1 with a principal of $2.72 million, and a Secured Promissory Note B with a principal of $5.0 million.
- Proceeds & Collateral: Imunon received $10 million at closing. Of this, $5 million is available for general corporate purposes, while the remaining $5 million is held in a cash collateral account securing the notes. The company paid a 7% placement agent fee on the gross proceeds.
- Note & Stock Terms: The A-1 Note bears 8% interest and the B Note bears 5% interest, with both maturing 18 months from the closing date. The Series A Preferred Stock is non-convertible and accrues an 8% annual return.
- Future Capital Access: The agreement includes a "Note Exchange" feature that allows Imunon to potentially access the $5 million in collateral by exchanging portions of the B Note for a new note, triggering a release of funds.