Tonix Pharma falls 30% after announcing another reverse stock split
May 09, 2023 3:30 PM ETTonix Pharmaceuticals Holding Corp. (TNXP)By: Dulan Lokuwithana, SA News Editor1 Comment
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- Tonix Pharmaceuticals (NASDAQ:TNXP) fell ~30% after announcing yet another reverse stock split of its outstanding common stock in an attempt to regain compliance with Nasdaq's listing rules.
- The 1-for-6.25 reverse stock split is expected to cut the number of shares of the company's authorized common stock from 1B to 160M shares.
- The Chatham, New Jersey-based biotech said that its shares would start trading on a reverse split-adjusted basis when trading starts on May 10, 2023
- According to Nevada law, TNXP shareholders are not required to approve the decision, which has already been cleared by the company’s board.
- Less than a year ago, Tonix (TNXP) announced a 1-for-32 reverse stock split, sending its shares sharply lower before the decision took effect.