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IMUNON, Inc. (NASDAQ:IMNN) ("IMUNON" or the "Company"), a clinical-stage drug-development company focused on developing DNA-mediated immuno-oncology therapies and next-generation vaccines, today announced that on April 10, 2024, it received written notice from the staff of The NASDAQ Stock Market LLC ("Nasdaq") informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement") for continued listing on The Nasdaq Capital Market. Accordingly, IMUNON complies with all applicable listing standards, and its common stock will maintain its listing on the Nasdaq Capital Market under the symbol "IMNN."
IMUNON was notified by Nasdaq on December 26, 2023 that it was not in compliance with the Minimum Bid Price Requirement because its common stock had failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. To regain compliance with the Rule, the Company's common stock was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on April 9, 2024, the 10th consecutive trading day when the closing bid price of the Company's common stock was over $1.00.
IMUNON's Executive Chairman, Michael H. Tardugno said, "Regaining compliance with the Nasdaq Minimum Bid Price Requirement is an important event as we continue to advance our dual platform technologies. We are heartened with continued support from the investment community and remain on track to report topline results mid-year from the OVATION 2 Study with IMNN-001 in advanced ovarian cancer. If the interim data are confirmed in the final readout, the observed PFS benefit would represent a clinically meaningful outcome supporting a registrational Phase III study. Further, we remain on track to begin our Phase 1 proof-of-concept clinical study in the second quarter of 2024 with a seasonal COVID-19 booster vaccine, following FDA clearance of our IND application."
Posted In: IMNN
