Imunon converts $1.2 million debt into newly issued preferred shares
IMNN•Imunon exchanged $1.2 million of A-1 Note principal and accrued interest for 120 shares of Series B Preferred Stock, cutting outstanding debt by about 43% and increasing stockholders’ equity. The exchange provided no cash proceeds and issued no common stock or warrants.
1. Debt exchange details
Imunon exchanged $1.2 million of A-1 Note principal and accrued interest for 120 newly designated Series B Preferred shares. The company said the transaction cut outstanding debt by about 43% while increasing stockholders’ equity; it provided no additional cash proceeds and involved no common stock or warrants. The preferred shares are non-convertible into common stock, priced at $10,000 each with a $12,000 stated value, and the company designated 200 Series B shares.
