Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) shares are trading lower by 33.9% to $0.22 Thursday afternoon after the company announced the pricing of a $4.4 million registered direct offering.
Tonix has initiated a securities purchase agreement with existing healthcare-focused institutional investors for the sale of 14,666,666 shares of its common stock and accompanying warrants in a registered direct offering at a combined price of $0.30 per share.
The offering, expected to close around April 1, 2024, is anticipated to generate gross proceeds of approximately $4.4 million. The net proceeds will be allocated towards working capital, general corporate purposes, and partial repayment of debt. A.G.P./Alliance Global Partners is the sole placement agent for the offering.
In addition to the offering, the company has agreed to amend certain existing warrants issued in 2023, reducing their exercise price ...
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