Tonix Pharmaceuticals Announces 1-for-10 Reverse Stock Split
March 16 2017 - 1:00PM
Tonix Pharmaceuticals Holding Corp. (Nasdaq:TNXP) (Tonix), a
company that is developing innovative pharmaceutical products to
address public health challenges, announced today that it will
effect a 1-for-10 reverse stock split of its outstanding common
stock. This will be effective for trading purposes as of the
commencement of trading on Friday, March 17, 2017.
The reverse stock split is intended to increase the
per share trading price of Tonix’s common stock to satisfy the
$1.00 minimum bid price requirement for continued listing on The
NASDAQ Global Market (Rule 5450(a)(1)). Tonix’s common stock
will continue to trade on The NASDAQ Global Market under the symbol
“TNXP” and under a new CUSIP number, 890260409. As a result
of the reverse stock split, every ten pre-split shares of common
stock outstanding will become one share of common stock. The
reverse stock split will also proportionately reduce the number of
shares of authorized common stock from 150 million to 15 million
shares. The reverse split will also apply to common stock
issuable upon the exercise of Tonix’s outstanding warrants and
stock options.
Tonix’s transfer agent, VStock Transfer LLC, which
is also acting as the exchange agent for the reverse split, will
provide instructions to shareholders regarding the process for
exchanging share certificates. Any fractional shares of common
stock resulting from the reverse stock split will be rounded up to
the nearest whole post-split share and no shareholders will receive
cash in lieu of fractional shares.
The reverse stock split was previously approved by
the Board of Directors of Tonix in accordance with Nevada law,
under which no stockholder approval is required. Additional
information about the reverse stock split can be found in Tonix’s
Current Report on Form 8-K as filed with the Securities and
Exchange Commission (SEC) on March 16, 2017, a copy of which is
also available at www.sec.gov or in the Investor Relations section
of Tonix’s website at www.tonixpharma.com.
About Tonix Pharmaceuticals Holding
Corp.
Tonix is developing innovative pharmaceutical
products to address public health challenges. TNX-102 SL is in
Phase 3 development and has been granted Breakthrough Therapy
designation by the United States Food and Drug Administration (FDA)
for the treatment of posttraumatic stress disorder (PTSD).
PTSD is a serious condition characterized by chronic
disability, inadequate treatment options especially for
military-related PTSD, and an overall high utilization of
healthcare services that contributes to significant economic
burdens. The Protectic™ protective eutectic and
Angstro-Technology™ formulation are essential elements of the
proprietary TNX-102 SL composition for which a Notice of Allowance
has been issued by the U.S. Patent and Trademark Office. Other
development efforts include TNX-601 (tianeptine oxalate), a
clinical candidate at Pre-IND (Investigational New Drug)
application stage, designed for daytime use for the treatment of
PTSD, and TNX-801, a potential smallpox-preventing vaccine based on
a live synthetic version of horsepox virus (HPXV). HPXV has
protective vaccine activity in mice, using a model of lethal
vaccinia infection. Vaccine manufacturing activities have been
initiated to support further nonclinical testing of
TNX-801.
This press release and further information about
Tonix can be found at www.tonixpharma.com.
Forward Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
by the use of forward-looking words such as “anticipate,”
“believe,” “forecast,” “estimate,” “expect,” and “intend,” among
others. These forward-looking statements are based on Tonix's
current expectations and actual results could differ materially.
There are a number of factors that could cause actual events to
differ materially from those indicated by such forward-looking
statements. These factors include, but are not limited to,
substantial competition; our need for additional financing;
uncertainties of patent protection and litigation; uncertainties of
government or third party payor reimbursement; limited research and
development efforts and dependence upon third parties; and risks
related to failure to obtain FDA clearances or approvals and
noncompliance with FDA regulations. As with any pharmaceutical
under development, there are significant risks in the development,
regulatory approval and commercialization of new products. Tonix
does not undertake an obligation to update or revise any
forward-looking statement. Investors should read the risk factors
set forth in the Annual Report on Form 10-K for the year ended
December 31, 2015, as filed with the Securities and Exchange
Commission (the “SEC”) on March 3, 2016, and future periodic
reports filed with the SEC on or after the date hereof. All of
Tonix's forward-looking statements are expressly qualified by all
such risk factors and other cautionary statements. The information
set forth herein speaks only as of the date hereof.
Contacts
Jessica Smiley
Investor Relations
investor.relations@tonixpharma.com
(212) 980-9155 x185
Edison Advisors (investors)
Tirth Patel
tpatel@edisongroup.com
(646) 653-7035
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