Why Imunon, Inc. (IMNN) Surged Last Week

We recently published a list of Small Stocks, But Explosive: These 10 Firms Crushed The Market Last Week. In this article, we are going to take a look at where Imunon, Inc. (NASDAQ:IMNN) stands against other firms that led last week’s charge.

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.

A technician using a pipette to mix a bright blue chemical solution in a laboratory.

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.

Overall, IMNN ranks 5th on our list of firms that led last week’s charge. While we acknowledge the potential of IMNN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IMNN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.