Why Tonix Pharmaceuticals Stock Is Getting Obliterated

Tonix Pharmaceuticals Holding Corp TNXP shares are trading lower by 36.5% to $1.13 Friday afternoon after the company priced its public offering of 7 million shares at $1 per share.

The offering price is $1.00 per share, and the warrants will be exercisable at $1.00 per share and expire in five years. The closing of the offering is expected on or about August 1.

The gross proceeds will be approximately $7 million, and the company plans to use them for working capital, corporate purposes, facility expansion and product acquisition or licensing.

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According to data from Benzinga Pro, TNXP has a 52-week high of $14.00 and a 52-week low of $1.01.