debt
confidence high
sentiment neutral
materiality 0.45
Imunon exchanges $1.2M of A-1 Note for 120 Series B Preferred shares at $10,000/share, 8% return
Imunon, Inc.
- $1,200,000 of principal plus accrued interest under the $2,720,000 Secured Promissory Note A-1 exchanged for 120 shares of Series B Preferred Stock at $10,000/share.
- Series B Preferred has $12,000 stated value, accrues 8% annual return payable in cash or additional shares, and is not convertible into common stock.
- Company may redeem Series B shares at 110% of liquidation amount; events of default raise the Preferred Return by 15% per year, up to three times.
- Exchange Agreement dated Sept 28, 2026 with Streeterville Capital; shares issued under Section 4(a)(2); holding period tacks to June 2, 2026.
- Certificate of Designation filed in Delaware designates 200 shares of Series B Preferred; no voting rights except on matters adversely affecting the series.