Imunon exchanges part of promissory note for new Series B Preferred Stock

Imunon, Inc. disclosed in a Form 8-K dated September 28, 2026 that it had entered into an Exchange Agreement with Streeterville Capital, LLC. Under the agreement, $1,200,000 of the principal amount of an outstanding Secured Promissory Note A-1, together with any accrued and unpaid interest, will be exchanged for 120 shares of the company's newly created Series B Preferred Stock, priced at $10,000 per share.¹

The exchange will reduce the company's obligations under the A-1 Note by the amount converted, while all other terms of that note remain unchanged and in full force.¹

The A-1 Note originated from a broader financing arrangement. As previously reported, on June 2, 2026, Imunon had entered into a securities purchase agreement with Streeterville under which the investor agreed to buy 250 shares of Series A Preferred Stock at $10,000 per share for $2,500,000, along with a Secured Promissory Note A-1 of $2,720,000 and a Secured Promissory Note B of $5,000,000.¹

On the same date as the exchange, Imunon formalized the new security's terms. The company filed a certificate of designation for the Series B Preferred Stock with the Delaware Secretary of State, designating 200 shares, effective upon filing.¹ Each share carries a stated value of $12,000 and accrues an 8% annual return, payable in cash or additional shares, and is not convertible into common stock or any other class of Imunon stock.¹

The company may redeem all or part of the outstanding Series B Preferred Stock from Series A holders at any time by paying the applicable liquidation amount multiplied by 110%.¹ If an event of default occurs, the preferred return rate increases by 15% per year, applicable to up to three separate default events.¹ Holders of Series B Preferred Stock generally have no voting rights except on matters materially affecting the security's own rights or as required by law.¹

The new preferred shares were issued under an exemption provided by Section 4(a)(2) of the Securities Act of 1933.¹