Imunon reports inducement grant under NASDAQ listing rule

IMUNON announced that the Compensation Committee of the Company’s Board of Directors approved the grant of inducement stock options to purchase a total of 60,000 shares of the Company’s common stock to one individual hired by Imunon during the fourth quarter of 2024 and inducement stock options to purchase a total of 50,000 shares of common stock to Susan Eylward, hired by Imunon as General Counsel and Secretary effective October 7, 2024. The Inducement Option Grants were approved in accordance with Nasdaq Listing Rule 5635(c)(4) and were made on October 7, 2024, as a material inducement to each employee’s entry into employment with the Company. The Inducement Option Grants have an exercise price per share equal to the closing price of Imunon’s common stock as reported by Nasdaq on October 7, 2024. The Inducement Option Grants have a 10-year term and a four-year vesting schedule, with 25% of the shares subject to the option vesting on the first anniversary of the grant date and the remaining underlying shares vesting annually such that they will be fully vested on the fourth anniversary of the grant date, subject to the applicable employee’s continued service with Imunon through each applicable vesting date.