Tonix Pharmaceuticals (NASDAQ:TNXP) stock is falling on Thursday after the biopharmaceutical company announced a proposed public offering for its shares.
Tonix Pharmaceuticals doesn’t have the finer details of this offering ready just yet. That means we don’t know how many shares it includes, what they will be priced at or how much it expects in gross proceeds.
What we do know is what the company plans to do with the money it will raise. Tonix Pharmaceuticals says funds from this proposed offering will go toward working capital and general corporate purposes.
To be more specific, Tonix Pharmaceuticals wants to use the money to prepare a new drug application for its Tonmya product candidate, which treats fibromyalgia. It could also use the funds to pay down its debts.
TNXP Stock Nasdaq Compliance
Investors will note that Tonix Pharmaceuticals announced this proposed public offering right after regaining compliance with the Nasdaq Exchange’s listing requirements.
Tonix Pharmaceuticals did this by getting its share price above the $1.00 minimum bid for 10 consecutive trading days. After announcing its public offering, the shares are trading at about 76 cents each this morning.
TNXP stock is down 32.5% as of Thursday morning. It is also down about 95% year-to-date.
Investors will want to keep reading for more of the latest stock market stories today!
We are offering all of the most recent stock market news for Thursday! That includes all of the latest news concerning shares of Branchout Food (NASDAQ:BOF) stock, Ur-Energy (NYSEMKT:URG) stock and Vigil Neuroscience (NASDAQ:VIGL) stock this morning. You can catch up on all of this news by checking out the links below!
More Stock Market News for Thursday
- Why Is Branchout Food (BOF) Stock Down 39% Today?
- Trade of the Day: Ur-Energy (URG) Stock Is a High-Risk Bet on AI Demand
- Why Is Vigil Neuroscience (VIGL) Stock Up 32% Today?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
