Imunon exchanges $1.2 million of secured note debt for Series B preferred stock
Imunon, Inc. agreed on September 28, 2026 to exchange $1,200,000 of principal on its A-1 secured note held by Streeterville Capital, LLC for 120 shares of newly designated Series B Preferred Stock, reducing the note balance by the amount exchanged. The company also filed a certificate of designation creating 200 Series B shares with an 8% annual return and a 110% optional redemption price, which carries event-of-default terms that could raise the return by 15% a year.
Key points
- Exchange covers $1,200,000 of A-1 Note principal plus accrued interest, for 120 Series B Preferred Shares at $10,000 per share.
- Series B Preferred Stock has a $12,000 stated value, an 8% annual return, and is not convertible into common stock.
- Company may redeem Series B shares at 110% of the applicable liquidation amount; an event of default would raise the return by 15% per year.
- Series B holders have no voting rights except on matters that materially and adversely affect their rights or as required by law.
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 29, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.