Imunon issues 120 Series B preferred shares in unregistered sale under note exchange
IMNN•Imunon issued 120 Series B preferred shares to Streeterville Capital at $10,000 each in exchange for $1.2 million of principal on its Secured Promissory Note A-1.
1. Note exchange terms
The exchange reduced obligations under the A-1 Note by the principal and any accrued unpaid interest exchanged. The preferred shares have a stated value of $12,000 each and an 8% annual return, payable in cash or additional shares; the issuance relied on the Securities Act Section 4(a)(2) private placement exemption.
