#Imunon #Reports #Inducement #Grants #NASDQ #Listing #Rule
LAWRENCEVILLE, N.J., Sept. 29, 2022 (GLOBE NEWSWIRE) — Imunon, Inc. (NASDAQ: IMNN), a clinical-stage drug development company focused on DNA-based immunotherapy and next-generation vaccines, today announced that the Compensation Committee of the Company’s Board of Directors approved the grant of (i) inducement stock options (the “Inducement Option Grants”) to purchase a total of 8,500 shares of common stock and (ii) restricted stock grants (the “Inducement Stock Grants”) totaling 2,250 shares of common stock as a material inducement to the employment to two individuals hired by Imunon during the third quarter of 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635( c)(4).
The Inducement Option Grants have an exercise price per share equal to $1.65, which is equal to the closing price of Imunon’s common stock as reported by Nasdaq on September 27, 2022. The Inducement Option Grants vest in thirds over three years with the vesting starting on the one-year anniversary of each employee’s first day of employment with the Company and thereafter vest in two additional installments so all Inducement Option Grants will be fully vested and exercisable as of September 27, 2025, subject to each employee’s continued service relationship with the Company on each such date. Each Inducement Option Grant has a ten-year term.
Each of the Inducement Stock Grants will vest on the one-year anniversary of each employee’s first date of employment with the Company and are subject to each such employee’s continued service relationship with the Company on such vesting date.
About Imunon, Inc.
Imunon is a fully integrated, clinical stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies.
Imunon has two platform…