Why Imunon (IMNN) Stock Is Down 60% Today
Portfolio Pulse from Henry Khederian
Imunon Inc (NASDAQ:IMNN) shares dropped by 61% to $1.30 after announcing a $10 million registered direct offering of 5 million shares of common stock with unregistered warrants at $2 per unit. The offering aims to raise $10 million in gross proceeds and is expected to close around August 1. The proceeds will be used for working capital and general corporate purposes.
July 31, 2024 | 7:32 pm
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Imunon Inc (NASDAQ:IMNN) shares fell by 61% to $1.30 following the announcement of a $10 million registered direct offering. The offering includes 5 million shares of common stock and unregistered warrants at $2 per unit, expected to close around August 1. The proceeds will be used for working capital and general corporate purposes.
The significant drop in IMNN's stock price is directly linked to the announcement of the $10 million direct offering. This dilution of shares and the issuance of warrants at a price lower than the current trading price has led to a negative market reaction. The proceeds are intended for working capital and general corporate purposes, which may not immediately offset the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100