Filed pursuant to Rule
424(b)(3)
Under the Securities Act of 1933 in connection
with Registration Statement No. 333-281834
PROSPECTUS
Imunon,
Inc.
5,000,000
SHARES OF COMMON STOCK
ISSUABLE
UPON EXERCISE OF OUTSTANDING WARRANTS
This
prospectus relates to the proposed resale from time to time, by the selling security holders identified in this prospectus, of up to
5,000,000 shares of the common stock, $0.01 par value per share, of Imunon, Inc., or the Company, which are issuable upon the exercise
of certain outstanding warrants.
These
shares will be resold from time to time by the entities or individuals listed in the section titled “Selling Stockholders”
beginning on page 9, which entities or individuals we refer to as the Selling Stockholders. The shares of common stock offered under
this prospectus by the Selling Stockholders are issuable upon exercise of warrants, or the Warrants, issued in a private placement pursuant
to a securities purchase agreement, or the Purchase Agreement, dated as of July 30, 2024, by and among the Company and the Selling Stockholders.
The Warrants are subject to a blocker provision, or the Warrant Beneficial Ownership Limitation, which restricts the exercise of a Warrant
if, as a result of such exercise, the Selling Stockholder, together with its affiliates and any other person whose beneficial ownership
of common stock would be aggregated with the Selling Stockholder’s for purposes of Section 13(d) of the Securities Exchange Act
of 1934, as amended, or the Exchange Act, would beneficially own in excess of 4.99% or, at the election of the Selling Stockholder, 9.99%
of the number of shares of common stock outstanding immediately after giving effect to such exercise; provided, however, that upon 61
days’ prior notice to us, the Selling Stockholder may increase the Warrant Beneficial Ownership Limitation, but not to above 9.99%.
We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of securities by the Selling
Stockholders. However, the Company will receive the proceeds of any cash exercise of the Warrants. See “Use of Proceeds”
beginning on page 6 of this prospectus for more information.
The
Selling Stockholders may sell the shares of common stock described in this prospectus in a number of different ways and at varying prices.
We provide more information about how a Selling Stockholder may sell its shares of common stock in the section titled “Plan of
Distribution” on page 11. We will pay the expenses incurred in registering the securities covered by the prospectus, including
legal and accounting fees.
Our
common stock is listed on The Nasdaq Capital Market, or Nasdaq, under the symbol “IMNN.” On September 26, 2024, the
last reported sale price of our common stock was $1.01 per share.
Investing
in our securities involves a high degree of risk. Before making an investment decision, please read “Risk Factors” on page
4 of this prospectus and in the documents incorporated by reference herein.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The
date of this prospectus is September 27, 2024.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, under which the
Selling Stockholders may, from time to time, sell the securities described in this prospectus in
one or more offerings.
This
prospectus contains information that you should consider when making your investment decision. Neither we nor the Selling Stockholders
have authorized anyone to provide you with information that is different from or in addition to the information contained in this prospectus.
Accordingly, neither we nor any Selling Stockholder takes any responsibility for, or can provide any assurance as to the reliability
of, any information that others may give. The Selling Stockholders are offering to sell, and seeking offers to buy, our securities only
in jurisdictions where it is lawful to do so. This prospectus does not constitute an offer to sell or the solicitation of an offer to
buy any securities other than where offers and sales of these securities are permitted or
an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful.
You should assume that the information appearing in this prospectus is accurate only as of the date of this prospectus and
that any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless
of the time of delivery of this prospectus, or any sale of our common stock. Our business, financial condition, results of operations
and prospects may have changed materially since those dates.
Unless
the context otherwise requires, “Imunon,” “IMNN,” “the Company,” “we,” “us,”
“our” and similar terms refer to Imunon, Inc. and our subsidiary, CLSN Laboratories, Inc., also a Delaware corporation. All
brand names or trademarks appearing in this prospectus are the property of their respective holders. Use or display by us of other parties’
trademarks, trade dress, or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements
or sponsorship of, us by the trademark or trade dress owners.
PROSPECTUS
SUMMARY
The
following is a summary of what we believe to be the most important aspects of our business and the offering of our securities under this
prospectus. We urge you to read this entire prospectus, including the more detailed consolidated financial statements, notes to the consolidated
financial statements and other information incorporated by reference from our other filings with the SEC. Investing in our securities
involves risks. Therefore, carefully consider the risk factors set forth in our most recent annual and quarterly filings with the SEC,
as well as other information in this prospectus and the documents incorporated by reference herein, before purchasing our securities.
Each of the risk factors could adversely affect our business, operating results and financial condition, as well as adversely affect
the value of an investment in our securities.
About
Imunon, Inc.
Imunon
is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural
mechanisms with the aim to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating
approach from conventional therapies. Imunon is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®,
is developed for the coding of proteins and cytokines in the treatment of solid tumors where an immunological approach is deemed promising.
The second modality, PlaCCine®, is developed for the coding of viral antigens that can elicit a strong immunological response. This
technology may represent a promising platform for the development of vaccines in infectious diseases.
The
Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer
currently in Phase II development. IMNN-001 works by instructing the body to produce durable levels, within certain safety parameters,
of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company initiated
a first-in-human study of its COVID-19 booster vaccine (IMNN-101) in the second quarter of 2024. We will continue to leverage these modalities
and to advance the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions.
Recent
Developments
On
July 30, 2024, the Company announced positive topline data from its Phase 2 OVATION 2 trial of IMNN-001 in combination with neoadjuvant
and adjuvant chemotherapy in patients with advanced ovarian cancer. The
following table summarizes the data readout:
| |
|
|
|
Median
time to event,
experimental vs
control (months) |
|
Hazard
Ratio,
experimental vs control |
| Overall
Survival (secondary endpoint) |
|
ITT
n=112 |
|
40.5
m vs 29.4 |
|
0.74
(0.42; 1.30) pNS |
| |
|
≥20%
of protocol-specified treatments in both arms n=102 |
|
45.1
m vs 29.4 |
|
0.64
(0.35; 1.19) pNS |
| |
|
PARP
treated patients n=43 |
|
NE
vs 37.1 |
|
0.41
(0.13; 1.28) pNS |
| Progression
Free Survival (primary endpoint) |
|
ITT
n=112 |
|
14.9
m vs 11.9 |
|
0.79
(0.51; 1.23) pNS |
| |
|
≥20%
of protocol-specified treatments in both arms n=102 |
|
14.6
m vs 11.9 |
|
0.76
(0.48; 1.22) pNS |
| |
|
PARP
treated patients n=31 |
|
33.8
m vs 22.1 |
|
0.80
(0.31; 2.12) pNS |
Additional
Information
For
additional information related to our business and operations, please refer to the reports incorporated herein by reference, as described
under the caption “Incorporation of Documents by Reference” on page 12 of this prospectus.
Our
Corporate Information
We
were founded in 1982 under the corporate name Celsion Corporation and are a Delaware corporation. Our principal executive offices are
located at 997 Lenox Drive, Suite 100, Lawrenceville, NJ 08648. Our telephone number is (609) 896-9100. Our website is www.imunon.com.
On September 19, 2022, Celsion Corporation announced a corporate name change to Imunon, Inc., reflecting the evolution of the Company’s
business focus and its commitment to developing cutting-edge immunotherapies and next-generation vaccines to treat cancer and infectious
diseases. The information contained on or that can be accessed through our website is not incorporated by reference into this prospectus,
and you should not consider information on our website to be part of this prospectus or in deciding to purchase our common stock.
THE
OFFERING
| Shares
Offered by the Selling Stockholders |
|
5,000,000
shares of common stock issuable upon exercise of Warrants, which have an exercise price of $2.00 and will expire five and one half
years from the initial exercisability date of August 1, 2024. |
| |
|
|
| Terms
of the Offering |
|
The
Selling Stockholders and any of their pledgees,
assignees and successors-in-interest may, from time to time, sell any or all of their shares covered hereby on Nasdaq or any other
stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed
or negotiated prices. See “Plan of Distribution.” |
| |
|
|
| Common
stock to be outstanding after this offering, assuming cash exercise of the Warrants |
|
14,400,889
shares |
| |
|
|
| Use
of Proceeds |
|
We
will not receive any of the proceeds from the sale of our common stock by the Selling Stockholders. However, the Company will receive
the proceeds of any cash exercise of the Warrants. If all of the Warrants were exercised for cash, we would receive aggregate proceeds
of $10.0 million. If we receive any cash proceeds, we currently intend to use those proceeds for general corporate purposes, including
working capital. |
| |
|
|
| Risk
Factors |
|
Investing
in our securities involves a high degree of risk. See “Risk Factors” on page 4 of this prospectus to read about factors
that you should consider carefully before buying our securities. |
| |
|
|
| Trading
Markets and Ticker Symbols |
|
IMNN |
The
number of shares of common stock to be outstanding after this offering is based on 9,400,889 shares of common stock outstanding as of
June 30, 2024 and excludes the 5,000,000 shares of common stock that were issued on August 1, 2024 in a registered direct offering, as
well as, in each case as of June 30, 2024:
| | ● | 1,342,470
shares of common stock issuable upon the exercise of outstanding options as of June 30, 2024,
having a weighted average exercise price of $2.19 per share; |
| | | |
| | ● | 789,297
shares of common stock issuable upon the vesting of common stock awards as of June 30, 2024,
having a weighted average grant day fair value of $2.87 per share; |
| | | |
| | ● | 160,060
shares of common stock issuable upon the exercise of outstanding warrants as of June 30,
2024 having a weighted average exercise price of $18.86 per share; and |
| | | |
| | ● | 779,020
shares of common stock reserved for future issuance pursuant to our existing stock incentive
plan. |
In
addition, unless we specifically state otherwise, all information in this prospectus assumes no exercise of the Warrants issued on August
1, 2024 to purchase an aggregate of 5,000,000 shares of common stock and no exercise of outstanding stock options subsequent to June
30, 2024.
RISK
FACTORS
Investing
in our securities involves significant risk. Prior to making a decision about investing in our securities, you should carefully consider
the specific factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2023 filed with the SEC on March 28, 2024 and other filings we make with the SEC from time to time, which are incorporated
by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference
herein. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could suffer materially.
In such event, the trading price of our common stock could decline, and you might lose all or part of your investment.
Risks
Related to this Offering and to Investing in our Common Stock
The
sale or availability for sale of the shares of common stock pursuant to this prospectus, as well as future sales and issuances of our
common stock or other securities, might result in significant dilution and could cause the price of our common stock to decline.
To
the extent that the Selling Stockholders sell shares of our common stock pursuant to this prospectus, the market price of the shares
of our common stock may decrease due to the additional selling pressure in the market. In addition, to raise capital, we may sell common
stock, convertible securities or other equity securities in one or more future transactions, at prices and in a manner we determine from
time to time.
We
cannot predict what effect, if any, sales of shares of our common stock in the public market or the availability of shares for sale will
have on the market price of our common stock. However, future sales of substantial amounts of our common stock in the public market,
including shares issued upon exercise of outstanding options, or the perception that such sales may occur, could adversely affect the
market price of our common stock.
We
have never paid dividends on our capital stock, and we do not anticipate paying dividends in the foreseeable future.
We
have never paid dividends on any of our capital stock and currently intend to retain any future earnings to fund the growth of our business.
We may also enter into credit agreements or other borrowing arrangements in the future that will restrict our ability to declare or pay
cash dividends on our common stock. Any determination to pay dividends in the future will be at the discretion of our board of directors
and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that
our board of directors may deem relevant. As a result, capital appreciation, if any, of the securities will be the sole source of gain,
if any, for the foreseeable future.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
of the statements contained or incorporated in this prospectus are forward-looking and constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act. Forward-looking
statements may relate to such matters as anticipated financial performance, business prospects, technological developments, product pipelines,
clinical trials and research and development activities, the adequacy of capital reserves and anticipated operating results and cash
expenditures, current and potential collaborations, strategic alternatives and other aspects of our present and future business operations
and similar matters. These statements involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s
actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity,
performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, unforeseen
changes in the course of research and development activities and in clinical trials; possible changes in cost, timing and progress of
development, preclinical studies, clinical trials and regulatory submissions; our collaborators’ ability to obtain and maintain
regulatory approval of any of our drug candidates; possible changes in capital structure, financial condition, future working capital
needs and other financial items; uncertainties and assumptions regarding the potential worsening global economic conditions and the recent
disruptions to, and volatility in, financial markets in the U.S. and worldwide resulting from the COVID-19 pandemic, the Russian invasion
of Ukraine and the unrest in the Middle East on our business, operations, clinical trials, supply chain, strategy, goals and anticipated
timelines, changes in approaches to medical treatment; introduction of new products by others; success or failure of our current or future
collaboration arrangements, risks and uncertainties associated with possible acquisitions of other technologies, assets or businesses;
our ability to obtain additional funds for our operations; our ability to obtain and maintain intellectual property protection for our
technologies and drug candidates and our ability to operate our business without infringing the intellectual property rights of others;
our reliance on third parties to conduct preclinical studies or clinical trials; the rate and degree of market acceptance of any approved
drug candidates; possible actions by customers, suppliers, strategic partners, potential strategic partners, competitors and regulatory
authorities; compliance with listing standards of The Nasdaq Capital Market; and those listed under “Risk Factors” this prospectus
as well as in our most recent annual report on Form 10-K and our other filings made from time to time with the SEC.
In
some cases, you can identify forward-looking statements by terminology such as “expect,” “anticipate,” “estimate,”
“plan,” “believe,” “could,” “intend,” “predict,” “may,” “should,”
“will,” “would” and words of similar import regarding the Company’s expectations. Forward-looking statements
are only predictions. Actual events or results may differ materially. Although we believe that our expectations are based on reasonable
assumptions within the bounds of our knowledge of our industry, business and operations, we cannot guarantee that actual results will
not differ materially from our expectations. In evaluating such forward-looking statements, you should specifically consider various
factors, including the risks outlined under “Risk Factors” in our most recent annual report on Form 10-K and our other filings
made from time to time with the SEC. The discussion of risks and uncertainties set forth herein and therein is not necessarily a complete
or exhaustive list of all risks facing the Company at any particular point in time. We operate in a highly competitive, highly regulated
and rapidly changing environment and our business is in a state of evolution. Therefore, it is likely that new risks will emerge, and
that the nature and elements of existing risks will change, over time. It is not possible for management to predict all such risk factors
or changes therein, or to assess either the impact of all such risk factors on our business or the extent to which any individual risk
factor, combination of factors, or new or altered factors, may cause results to differ materially from those contained in any forward-looking
statement. Except as required by law, we assume no obligation to revise or update any forward-looking statement that may be made from
time to time by us or on our behalf for any reason, even if new information becomes available in the future.
USE
OF PROCEEDS
We
will not receive any of the proceeds from the sale of securities by the Selling Stockholders named in this prospectus. However, the Company
will receive the proceeds of any cash exercise of the Warrants. If all of the Warrants were exercised for cash, we would receive aggregate
proceeds of $10.0 million. If we do receive any proceeds, we currently intend to use the proceeds for general corporate purposes, including
working capital.
DIVIDEND
POLICY
We
have never declared or paid any cash dividends on our common stock and do not currently anticipate declaring or paying cash dividends
on our common stock in the foreseeable future. We currently intend to retain all of our future earnings, if any, to finance operations.
Any future determination relating to our dividend policy will be made at the discretion of our board of directors, or our board, and
will depend on a number of factors, including future earnings, capital requirements, financial conditions, future prospects, contractual
restrictions and other factors that our board may deem relevant.
MARKET
FOR OUR COMMON STOCK
Market
Information
Our
common stock currently trades under the symbol “IMNN” on The Nasdaq Capital Market.
Stockholders
As
of August 1, 2024, there were approximately 28,000 stockholders of record.
SELLING
STOCKHOLDERS
On
July 30, 2024, we entered into a Securities Purchase Agreement with certain institutional and accredited investors, pursuant to which
we sold an aggregate of 5,000,000 shares of our common stock in a registered direct offering and the Warrants to purchase an aggregate
of 5,000,000 shares of our common stock in a concurrent private placement. The Warrants have an
exercise price of $2.00 per share and will be exercisable immediately for a term of five and one-half years following the date of issuance.
The
shares of common stock being offered by the Selling Stockholders are those issuable upon the exercise of the Warrants. This prospectus
covers the resale or other disposition by the Selling Stockholders or their pledgees, donees, transferees or other successors-in-interest
of the shares of common stock underlying the Warrants in the manner contemplated under “Plan of Distribution” herein.
The
Selling Stockholders do not have, and within the past three years have not had, any position, office or other material relationship with
us.
The
Selling Stockholders might not sell any or all of the shares covered by this prospectus or may sell or dispose of some or all of the
shares other than pursuant to this prospectus. Because the Selling Stockholders may not sell or otherwise dispose of some or all of the
shares covered by this prospectus and because there are currently no agreements, arrangements or understandings with respect to the sale
or other disposition of any of the shares, we cannot estimate the number of the shares that will be held by the Selling Stockholders
after completion of the offering.
The
table below lists the Selling Stockholders and other information regarding the beneficial ownership (as determined under Section 13(d)
of the Exchange Act and the rules and regulations thereunder) of the shares of common stock held by each of the Selling Stockholders.
The table is prepared based on information supplied to us by the Selling Stockholders. The second column lists the number of shares of
common stock beneficially owned by the Selling Stockholders, based on their respective ownership of shares as of August 26, 2024.
The fourth column lists the shares of common stock being offered by this prospectus by the Selling Stockholders. The fifth column assumes
the sale of all of the shares offered by the Selling Stockholders pursuant to this prospectus. The percentages in the table reflect the
shares beneficially owned by the Selling Stockholders as a percentage of the total number of shares of common stock outstanding as of
August 26, 2024. As of such date, 14,400,889 shares of common stock were outstanding.
| Selling Stockholder (1) | |
Number of Shares of Common Stock Beneficially Owned Prior to Offering (2) | | |
%
(3) | | |
Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus | | |
Number of shares of Common Stock Owned After Offering (4) | | |
%
(4) | |
| Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (5) | |
| 1,250,000 | | |
| 8.0 | % | |
| 1,250,000 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Armistice Capital, LLC (6) | |
| 1,250,000 | | |
| 8.0 | % | |
| 1,250,000 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| CVI Investments, Inc. (7) | |
| 1,293,333 | | |
| 8.2 | % | |
| 1,220,000 | | |
| 73,333 | | |
| * | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sabby Volatility Warrant Master Fund, Ltd. (8) | |
| 2,007,205 | | |
| 12.8 | % | |
| 1,280,000 | | |
| 727,205 | | |
| 5.0 | % |
*
Less than 1.0%.
| (1) | This
table and the information in the notes below are based upon information supplied by the Selling
Stockholders, including reports and amendments thereto filed with the SEC on Schedule 13D. |
| (2) | The
number of shares of common stock beneficially owned includes shares of common stock underlying
securities that are convertible or exercisable within 60 days of August 26, 2024.
The Warrants became exercisable on August 1, 2024. |
| (3) | Percentage
ownership is based on a denominator equal to the sum of (i) 14,400,889
shares of common stock outstanding as of August 26, 2024 and (ii) the number
of shares of common stock underlying securities that are convertible or exercisable within
60 days of August 26, 2024 that are beneficially owned by the applicable Selling Stockholder.
The percentages shown above do not take into account the Warrant Beneficial Ownership
Limitations discussed further below. |
| |
(4) |
Assumes
that all shares of common stock being registered under the registration statement of which this prospectus forms a part are sold
in this offering, and that none of the Selling Stockholders acquire additional shares of our common stock after the date of this
prospectus and prior to completion of this offering. |
| |
(5) |
Consists
of 1,250,000 shares of common stock issuable upon exercise of the Warrants. The Warrants are subject to a beneficial ownership limitation
of 9.99%, which limitation restricts the Selling Stockholder from exercising that portion of the warrants that would result in the
Selling Stockholder and its affiliates owning, after exercise, a number of shares of common stock in excess of the beneficial ownership
limitation. Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B is a private investment vehicle for which Ayrton
Capital LLC, a Delaware limited liability company, serves as the investment manager, or the Investment Manager. Waqas Khatri serves
as the managing member of the Investment Manager. The address of Alto Opportunity Master Fund, SPC – Segregated Master Portfolio
B is c/o Ayrton Capital LLC, 55 Post Rd West, 2nd Floor, Westport, CT 06880. Ayrton Capital LLC, the investment manager to Alto Opportunity
Master Fund, SPC - Segregated Master Portfolio B, has discretionary authority to vote and dispose of the shares held by Alto Opportunity
Master Fund, SPC - Segregated Master Portfolio B and may be deemed to be the beneficial owner of these shares. Waqas Khatri, in his
capacity as Managing Member of Ayrton Capital LLC, may also be deemed to have investment discretion and voting power over the shares
held by Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B. Ayrton Capital LLC and Mr. Khatri each disclaim any beneficial
ownership of these shares. |
| |
(6) |
Consists
of 1,250,000 shares of common stock issuable upon exercise of the Warrants without giving effect to the beneficial ownership limitation
of 4.99%, which limitation restricts the Selling Stockholder from exercising that portion of the Warrants that would result in the
Selling Stockholder and its affiliates owning, after exercise, a number of shares of common stock in excess of 4.99% of the Company’s
outstanding common stock. The securities are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company,
or the Master Fund, and may be deemed to be beneficially owned by: (i) Armistice Capital, LLC, or Armistice Capital,
as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice Capital. The address of Armistice
Capital Master Fund Ltd. is c/o Armistice Capital, LLC, 510 Madison Avenue, 7th Floor, New York, NY 10022. |
| |
(7) |
Consists
of 73,333 shares of common stock issuable upon exercise of warrants exercisable within 60 days of August 26, 2024 as well
as 1,220,000 shares of common stock issuable upon exercise of the Warrants, without giving effect to the beneficial ownership limitation
of 4.99%, which limitation restricts the Selling Stockholder from exercising that portion of the Warrants that would result in the
Selling Stockholder and its affiliates owning, after exercise, a number of shares of common stock in excess of 4.99% of the Company’s
outstanding common stock. Heights Capital Management, Inc., the authorized agent of CVI Investments, Inc., or CVI,
has discretionary authority to vote and dispose of the shares held by CVI and may be deemed to be the beneficial owner of these shares.
Martin Kobinger, in his capacity as Investment Manager of Heights Capital Management, Inc., may also be deemed to have investment
discretion and voting power over the shares held by CVI. Mr. Kobinger disclaims any such beneficial ownership of the shares. CVI
Investments, Inc.is affiliated with one or more FINRA member, none of whom are currently expected to participate in the sale pursuant
to the prospectus contained in the Registration Statement of Shares purchased by the Investor in this Offering. The address of CVI
Investments, Inc. is C/O Heights Capital Management, Inc., 101 California Street, Suite 3250, San Francisco, CA 94111. |
| |
(8) |
Consists
of 727,205 shares of common stock and 1,280,000 shares of common stock issuable upon exercise of the Warrants without giving effect
to the beneficial ownership limitation of 4.99%, which limitation restricts the Selling Stockholder from exercising that portion
of the Warrants that would result in the Selling Stockholder and its affiliates owning, after exercise, a number of shares of common
stock in excess of 4.99% of the Company’s outstanding common stock. Sabby Management, LLC, the investment manager to Sabby
Volatility Warrant Master Fund, Ltd., or Sabby, has discretionary authority to vote and dispose of the shares held by Sabby and may
be deemed to be the beneficial owner of these shares. Hal Mintz, in his capacity as manager of Sabby Management, LLC, may also be
deemed to have investment discretion and voting power over the shares held by Sabby. Sabby Management, LLC and Mr. Mintz each disclaim
any beneficial ownership of these shares. The address for Sabby is c/o Captiva (Cayman) Ltd, Governors Square, Bldg 4, 2nd Floor,
23 Lime Tree Bay Avenue, Grand Cayman KY1-1209, Cayman Islands. |
PLAN
OF DISTRIBUTION
We
are registering the shares of common stock issuable to the Selling Stockholders upon the exercise of the Warrants purchased in a private
placement to permit the resale of such shares of common stock by such Selling Stockholders from time to time after the date of this prospectus.
We will not receive any of the proceeds from the sale by the Selling Stockholders of the shares of common stock. We will bear all fees
and expenses incident to our obligation to register such shares of common stock.
Each
Selling Stockholder of the shares of the securities and any of their pledgees, assignees and successors-in-interest may, from time to
time, sell any or all of their securities covered hereby on Nasdaq or any other stock exchange, market or trading facility on which the
securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Stockholder may use any
one or more of the following methods when selling securities:
| |
● |
ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| |
●
|
block
trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block
as principal to facilitate the transaction; |
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purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
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an
exchange distribution in accordance with the rules of the applicable exchange; |
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privately
negotiated transactions; |
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settlement
of short sales; |
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in
transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated
price per security; |
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through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
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a
combination of any such methods of sale; or |
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any
other method permitted pursuant to applicable law. |
The
Selling Stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available,
rather than under this prospectus.
Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA Rule 2121.
In
connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The
Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.
The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.
We
have agreed to keep this prospectus effective until all of the securities have been sold pursuant to this prospectus or Rule 144 under
the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers
or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may
not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).
LEGAL
MATTERS
Covington
& Burling LLP, Boston, Massachusetts, will pass upon the validity of the issuance of the securities to be offered by this prospectus.
EXPERTS
WithumSmith+Brown,
PC, or Withum, independent registered public accounting firm, has served as our independent accountants since 2017 and audited our consolidated
financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, as set forth in their report, which
is incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements are incorporated
herein by reference in reliance on Withum’s report, given on their authority as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We
file reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information
statements and other information about issuers, such as us, who file electronically with the SEC. You can read our SEC filings over the
Internet at the SEC’s website at http://www.sec.gov.
Our
web site address is http://www.imunon.com. There we make available free of charge, on or through the investor relations section
of our website, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports
filed pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material
with the SEC. The information on our website, however, is not, and should not be deemed to be, a part of this prospectus. All website
addresses in this prospectus are intended to be inactive textual references only.
INCORPORATION
OF DOCUMENTS BY REFERENCE
The
SEC allows us to “incorporate by reference” much of the information we file with them, which means that we can disclose important
information to you by referring you to those publicly available documents. The information that we incorporate by reference in this prospectus
is considered to be part of this prospectus. Because we are incorporating by reference future filings with the SEC, this prospectus is
continually updated and those future filings may modify or supersede some of the information included or incorporated in this prospectus.
You should refer to the registration statement, including the exhibits, for further information about us and the securities we may offer
pursuant to this prospectus. Statements in this prospectus regarding the provisions of certain documents filed with, or incorporated
by reference in, the registration statement are not necessarily complete and each statement is qualified in all respects by that reference.
We incorporate by reference into this prospectus the documents listed below and any future filings made by us with the SEC under Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act (1) after the date of this prospectus and prior to the time that all of the securities
offered by this prospectus are sold or the earlier termination of the offering, and (2) after the date of the initial registration statement
of which this prospectus forms a part and prior to the effectiveness of the registration statement (except in each case in which the
information contained in such documents is “furnished” and not “filed”). The documents we are incorporating by
reference as of their respective dates of filing are:
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our
Annual Report on Form 10-K for the fiscal year ended December 31, 2023 that we filed with the SEC on March 28, 2024; |
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the
portions of our definitive proxy statement on Schedule 14A that we filed with the SEC on April 26, 2024, that are deemed “filed”
with the SEC under the Exchange Act; |
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our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 that we filed with the SEC on May 13, 2024
and August 14, 2024, respectively; |
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our
Current Reports on Form 8-K filed with the SEC on March
12, 2024, March
18, 2024, April
11, 2024, May
8, 2024, May
20, 2024, June
13, 2024, July
30, 2024, July 31, 2024, August
1, 2024 and September 3, 2024; and |
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the
description of our securities, incorporated herein by reference to Exhibit 4.5 to our Annual Report on Form 10-K for the fiscal year
ended December 31, 2019. |
All
reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date
of this prospectus and prior to the termination or completion of the offering of securities under this prospectus shall be deemed to
be incorporated by reference in this prospectus and to be a part hereof from the date of filing such reports and other documents.
In
addition, all reports and other documents filed by us pursuant to the Exchange Act after the date of the initial registration statement
and prior to effectiveness of the registration statement shall be deemed to be incorporated by reference into this prospectus.
Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or
any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the
statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this
prospectus.
You
may request a free copy of any of the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically
incorporated by reference in the documents) by writing or telephoning us at the following address:
Imunon,
Inc.
997
Lenox Drive, Suite 100
Lawrenceville,
NJ 08648
(609)
896-9100
Exhibits
to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus.
The
documents incorporated by reference may be accessed at our website: http://www.imunon.com. We have included our website
address in this prospectus solely as an inactive textual reference.
You
should rely only on information contained in, or incorporated by reference into, this prospectus. We have not authorized anyone to provide
you with information different from that contained in this prospectus or incorporated by reference in this prospectus. We are not making
offers to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making
such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Imunon,
Inc.
5,000,000
Shares of Common Stock
Issuable
Upon Exercise of Outstanding Warrants
PROSPECTUS
September
27, 2024
Imunon (NASDAQ:IMNN)
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