IMUNON Reports Inducement Grants under NASDQ Listing Rule 5646(c)(4)

On December 14, 2022 IMUNON, Inc. (NASDAQ: IMNN), a clinical-stage drug development company focused on DNA-based immunotherapy and next-generation vaccines, reported 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 19,000 shares of common stock and (ii) restricted stock grants (the "Inducement Stock Grants") totaling 4,000 shares of common stock as a material inducement to the employment to four individuals hired by IMUNON during the fourth quarter of 2022 (Press release, IMUNON, DEC 14, 2022, View Source [SID1234625265]). The equity awards were approved in accordance with Nasdaq Listing Rule 5635 (c)(4).

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The Inducement Option Grants have an exercise price per share equal to $1.40 which is equal to the closing price of IMUNON’s common stock as reported by Nasdaq on December 13, 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 December 13, 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.