Tonix Pharmaceuticals to sell 7.06M shares at 57c in public offering

Tonix Pharmaceuticals Holding entered into a placement agency agreement for the purchase and sale of approximately 7,060,918 shares of its common stock at an offering price of $0.57 per share. The closing of the public offering is expected to take place on or about June 28, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds of the offering will be approximately $4.0 million before deducting placement agent fees and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the preparation of the new drug application relating to its Tonmya product candidate in patients with fibromyalgia, and the satisfaction of any portion of its existing indebtedness. Dawson James Securities, Inc. is acting as the sole placement agent for the offering.