TNXP - Tonix Pharmaceuticals rises on pricing $15M preferred stock offering

• Tonix Pharmaceuticals ( NASDAQ: TNXP ) shares gained as much as 8% premarket after the biopharmaceutical company priced its $15M private offering of convertible redeemable preferred stock.
• The firm entered into a securities purchase agreement with certain institutional investors to purchase 1.4M shares of Series A convertible redeemable preferred stock and 100K shares of Series B convertible redeemable preferred stock.
• Each share of Series A and Series B preferred stock has a purchase price of $9.50, representing an original issue discount of 5% of the $10.00 stated value of each share. Each of them are convertible into shares of the company’s common stock at an initial conversion price of $1.00 per share.
• The company and the holders of the Series A and Series B preferred stock also entered into a registration rights agreement to register the resale of the shares of common stock issuable upon conversion of the Series A and Series B preferred stock.
• Total gross proceeds from the offerings is $15M. The closing of the offering is expected to occur on or about October 26, 2022.

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