Why Tonix Pharmaceuticals (TNXP) Shares Are Getting Obliterated

Tonix Pharmaceuticals Holding Corp TNXP shares are trading lower by 23.3% to $0.54 Friday morning after the company announced the pricing of a $4.5 million public offering of 9 million shares and warrants at $0.50 per share.

Tonix Pharmaceuticals says the gross proceeds of the offering will be approximately $4.5 million before deducting placement agent fees and other estimated offering expenses payable by the company.

Tonix Pharmaceuticals intends to use the net proceeds from the offering for working capital and general corporate purposes, the build out of the company's manufacturing and research and development facilities and the acquisition or licensing of approved products and products in development.

According to data from Benzinga Pro, TNXP has a 52-week high of $9.81 and a 52-week low of $0.49.