Small Stocks, But Explosive: These 10 Firms Crushed The Market Last Week

5. Imunon, Inc. (NASDAQ:IMNN)

Biotechnology company Imunon Inc. soared by 114.6 percent week-on-week after raising $9.75 million in fresh funds through a private placement priced at the market.

According to the company, it was able to sell 7.2 million common shares and short-term warrants to purchase up to 14 million at a price of $0.45 apiece.

Imunon, Inc. (NASDAQ:IMNN) said it expects to raise some $6.5 million from the short-term warrants if fully exercised on a cash basis. Meanwhile, another $3.25 million has been successfully raised from the private placement.

Imunon, Inc. (NASDAQ:IMNN) said it expects to use the net proceeds for working capital and general corporate purposes.

The private placement followed the company’s recent return to the above $1 level, after trading below the Nasdaq’s minimum bid price of $1 for 34 consecutive days between April 4 and May 22, 2025.

Companies listed on Nasdaq are required to comply with the minimum bid price of $1 to stay listed on the exchange or face a potential delisting.