Imunon Inc ( IMNN ) shares are trading lower by 61% to $1.30 during Wednesday’s session after the company announced a $10 million registered direct offering of 5 million shares of common stock with unregistered warrants at a price of $2 per unit.

The offering, expected to close around August 1, aims to raise $10 million in gross proceeds, before fees and expenses. H.C. Wainwright & Co. is the lead placement agent, with Brookline Capital Markets as co-placement agent. Imunon ( IMNN ) is selling 5 million shares of common stock and warrants to purchase an additional 5 million shares at $2.00 per share.

The warrants will be exercisable immediately for five and a half years. The proceeds will be used for working capital and general corporate purposes.

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Should I Sell My IMNN Stock?

Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.

Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.

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IMNN has a 52-week high of $3.65 and a 52-week low of $0.48.