Tonix Pharmaceuticals (NASDAQ:TNXP) stock is falling on Wednesday after the biopharmaceutical company announced a proposed public offering for its shares.
Tonix Pharmaceuticals doesn’t provide any finer details about this offering. That means we don’t know how many shares it will include or what they will be priced at. What it does say is how it will use funds from the offering.
Tonix Pharmaceuticals intends to use the money gained from a public offer for working capital and general corporate purposes. Specifically, it notes this will help it with its new drug application for Tonmya. This is the company’s product candidate to treat fibromyalgia patients.
Investors aren’t excited about the public offering for a couple of reasons. The first is that it will dilute their stakes by adding new outstanding shares. The second is the likeliness that it will price shares below their current value.
TNXP Stock Movement Today
With this news comes heavy trading of TNXP stock as some 445,000 shares change hands. That is already above its daily average of about 116,000 shares. It’s also worth mentioning that Tonix Pharmaceuticals just recently completed a reverse stock split.
TNXP stock is down 39.9% as of Wednesday morning!
Investors will want to keep reading for even more of the latest stock market news today!
We have all of the hottest stock market happenings traders need to know about on Wednesday! That includes everything happening with shares of ThermoGenesis (NASDAQ:THMO) stock, Golden Heaven (NASDAQ:GDHG) stock and Sify Technologies Limited – Rights (NASDAQ:SIFYR) stock today. All of this info is available at the following links!
More Stock Market News for Wednesday
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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.
