Why Tonix Pharmaceuticals (TNXP) Shares Are Getting Obliterated
Portfolio Pulse from Henry Khederian
Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) shares are down by 23.3% after the company announced the pricing of a $4.5 million public offering of 9 million shares and warrants at $0.50 per share. The company intends to use the net proceeds for working capital, general corporate purposes, and the acquisition or licensing of approved products and products in development.
September 29, 2023 | 3:31 pm
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Tonix Pharmaceuticals' stock price has dropped significantly following the announcement of a public offering. The company plans to use the proceeds for various corporate purposes.
The announcement of a public offering typically dilutes the value of existing shares, leading to a drop in the stock price. In this case, Tonix Pharmaceuticals' stock price has dropped by 23.3%, indicating a negative short-term impact.
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