As filed
with the Securities and Exchange Commission on July 15, 2019
Registration
No. 333-232195
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Pre-effective
Amendment No. 3
to
FORM S-1
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
TONIX
PHARMACEUTICALS HOLDING CORP.
(Exact
name of registrant as specified in its charter)
Nevada
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2834
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26-1434750
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(State
or other jurisdiction of
incorporation
or organization)
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(Primary
Standard Industrial
Classification
Code Number)
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(I.R.S.
Employer
Identification
Number)
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509 Madison
Avenue, Suite 1608
New York,
New York 10022
(212)
980-9155
(Address,
including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Seth
Lederman
Chief
Executive Officer
Tonix
Pharmaceuticals Holding Corp.
509 Madison
Avenue, Suite 1608
New York,
New York 10022
(212)
980-9155
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Michael
J. Lerner, Esq.
Steven
M. Skolnick, Esq.
Lowenstein
Sandler LLP
1251
Avenue of the Americas
New
York, New York 10020
(973)
597-6394
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Barry
I. Grossman, Esq.
Sarah
E. Williams, Esq.
Ellenoff
Grossman & Schole LLP
1345
Avenue of the Americas
New
York, New York 10105
(212)
370-1300
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Approximate
date of commencement of proposed sale to public: As soon as practicable after this Registration Statement is declared effective.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, check the following box.
☐
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the
same offering.
☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
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☒
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Emerging Growth Company
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☐
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CALCULATION
OF REGISTRATION FEE
Title of Each Class of
Securities to Be Registered
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Proposed Maximum
Aggregate Offering
Price(1)(2)
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Amount of
Registration
Fee
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Common Stock, par value $0.001 per share
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$
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6,920,700
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$
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839
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(3)
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(1)
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Estimated solely for the purpose of calculating the amount of
the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.
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(2)
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Includes the aggregate offering price of the additional shares
that the underwriters have the option to purchase to cover over allotments, if any.
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The
Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until
the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall
become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell
these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Preliminary Prospectus
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Subject to Completion, dated July 15,
2019
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5,100,000
shares of
Common
Stock
We
are offering 5,100,000 shares of our common stock in a firm commitment underwritten public offering based upon an assumed public
offering price of $1.18 per share (the last reported sale price of our common stock on the NASDAQ Global Market on July 11, 2019).
Our
common stock is listed on the NASDAQ Global Market under the symbol “TNXP.” On July 11, 2019, the last reported sale
price of our common stock as reported on the NASDAQ Global Market was $1.18 per share. The public offering price per share of
common stock will be determined between us and the underwriters based on the closing price of our common stock prior to pricing
and market conditions at the time of pricing, and may be at a discount to the current market price.
This
prospectus contains or incorporates by reference summaries of certain provisions contained in some of the documents described
herein, but reference is made to the actual documents for complete information. All the summaries are qualified in their entirety
by the actual documents. Copies of some of the documents referred to herein have been filed or have been incorporated by reference
as exhibits to the registration statement of which this prospectus forms a part, and you may obtain copies of those documents
as described in this prospectus under the heading “Where You Can Find More Information.”
Investing
in our common stock involves risks that are described in the “
Risk Factors
” beginning on page 5 of this prospectus.
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Per Share
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Total
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Public offering price
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$
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$
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Underwriting discount(1)
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$
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$
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Proceeds, before expenses, to us
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$
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$
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(1)
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We refer you to the “Underwriting”
section of this prospectus for additional information regarding total underwriter compensation.
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The
underwriters may also exercise their option to purchase up to an additional 765,000 shares from us at the public offering price,
less the underwriting discount, for 45 days after the date of this prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
passed on the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The
underwriters expect to deliver the shares against payment therefor on or about ,
2019.
Aegis
Capital Corp.
The date
of this prospectus is , 2019
TABLE
OF CONTENTS
You
should rely only on the information contained or incorporated by reference in this prospectus and any related free writing prospectus
that we may provide to you in connection with this offering. We have not, and the underwriters have not, authorized any other
person to provide you with different information. If anyone provides you with different or inconsistent information, you should
not rely on it. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the
offer or sale is not permitted. You should assume that the information appearing or incorporated by reference in this prospectus
is accurate only as of the date on the front cover of this prospectus or the date of the applicable document incorporated by reference.
Our business, financial condition, results of operations and prospects may have changed since that date.
For
investors outside the United States
: neither we nor any of the underwriters has done anything that would permit this offering
or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this
offering in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United
States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the
offering of the shares of our common stock and the distribution of this prospectus and any such free writing prospectus outside
of the United States.
In
this prospectus, we rely on and refer to information and statistics regarding our industry. We obtained this statistical, market
and other industry data and forecasts from publicly available information.
SUMMARY
This
summary highlights information contained in other parts of this prospectus and in the documents incorporated by reference. Because
it is a summary, it does not contain all of the information that you should consider in making your investment decision. Before
investing in our common stock, you should carefully read this prospectus and the documents incorporated by reference in their
entirety including “Risk Factors” included in this prospectus and incorporated by reference and “Management’s
Discussion and Analysis of Financial Condition and Results of Operation” and the financial statements and the notes to those
financial statements incorporated by reference in this prospectus before investing in our common stock.
When
used herein, unless the context requires otherwise, references to the “Company,” “we,” “our”
and “us” refer to Tonix Pharmaceuticals Holding Corp., a Nevada corporation.
All
trademarks or trade names referred to in this prospectus are the property of their respective owners. Solely for convenience,
the trademarks and trade names in this prospectus are referred to without the ® and ™ symbols, but such references should
not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their
rights thereto. We do not intend the use or display of other companies’ trademarks and trade names to imply a relationship
with, or endorsement or sponsorship of us by, any other companies.
Company Overview
We
are a clinical-stage biopharmaceutical company focused on discovering and developing small molecules and biologics to treat psychiatric,
pain and addiction conditions as well as biological products to improve biodefense through potential medical counter-measures.
Our most advanced drug development program is focused on delivering a safe and effective long-term treatment for posttraumatic
stress disorder, or PTSD. PTSD is characterized by chronic disability, inadequate treatment options, high utilization of healthcare
services, and significant economic burden. We have assembled a management team with significant industry experience to lead the
development of our product candidates. We complement our management team with a network of scientific, clinical, and regulatory
advisors that includes recognized experts in the fields of PTSD, other central nervous system disorders and biodefense.
Our
lead product candidate, TNX-102 SL is a proprietary low-dose cyclobenzaprine, or CBP, sublingual tablet, designed for bedtime
administration. TNX-102 SL is an investigational new drug that has not been approved for any indication. TNX-102 SL is in Phase
3 development as a potential treatment for PTSD. We are currently enrolling the Phase 3 RECOVERY trial, which is a double-blind,
placebo-controlled study evaluating daily bedtime administration of TNX-102 SL in individuals with PTSD from trauma within 9 years
of screening. The FDA has conditionally accepted the proposed trade name Tonmya
®
for TNX-102 SL for the treatment
of PTSD. Tonix is also developing TNX-102 SL as a bedtime treatment for fibromyalgia and agitation in Alzheimer’s disease
under separate Investigational New Drug applications (IND) to support potential pivotal efficacy studies. The fibromyalgia program
is in Phase 3 development and the agitation in Alzheimer’s program is Phase 2 ready. Our development pipeline also includes
TNX-1300 (T172R/G173Q double-mutant cocaine esterase 200 mg, i.v. solution) which is being developed under an IND and is in Phase
2 development for the treatment of cocaine intoxication. TNX-1300 is a recombinant protein enzyme produced through rDNA technology
in E. coli bacteria. TNX-1300 is an investigational new biologic that has not been approved for any indication. TNX-601 (tianeptine
oxalate) is in the pre-IND application stage, also for the treatment of PTSD but by a different mechanism from TNX-102 SL and
designed for daytime dosing. TNX-601 is also in development for the potential indication of neurocognitive dysfunction associated
with corticosteroid use. Tonix’s two biodefense products are TNX-801 and TNX-701. TNX-801 (live virus vaccine for percutaneous
(scarification) administration) is a potential smallpox-preventing vaccine based on a synthetic version of horsepox virus and
is currently in the pre-IND application stage. Finally, TNX-701 is a biodefense development program for protection from radiation
injury in the pre-IND application stage.
RISK FACTORS
Investing
in our common stock involves a high degree of risk. You should carefully consider all of the information in this prospectus and
in the documents incorporated by reference prior to investing in our common stock. These risks are discussed more fully in the
section titled “Risk Factors” herein and in our Annual Report on Form 10-K for the year ended December 31, 2018, which
is incorporated by reference in this prospectus. These risks and uncertainties include, but are not limited to, the following:
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We have incurred significant losses and anticipate that we will
continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability;
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Our profitability depends on our ability to develop and commercialize
our current and future product candidates;
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Our ability to continue as a going concern will require us to
obtain additional financing to fund our current operations, which may be unavailable on acceptable terms, or at all;
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Because our product candidates are in the clinical stage of
development, there is a high risk of failure, and we may never succeed in developing marketable products or generating product
revenue;
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We may encounter substantial delays in our clinical trials,
or our clinical trials may fail to demonstrate the safety and efficacy of our product candidates to the satisfaction of applicable
regulatory authorities;
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It may be difficult for us to predict the time and cost of product
development. Unforeseen problems may prevent further development or approval of our product candidates;
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We will require substantial additional financing to achieve
our goals, and a failure to obtain necessary capital when needed would force us to delay, limit, reduce or terminate our product
development or commercialization efforts;
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We rely, and expect to continue to rely, on third parties to
conduct preclinical studies and clinical trials for our product candidates, and if they do not properly and successfully perform
their obligations to us, we may not be able to obtain regulatory approvals for our product candidates;
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We face substantial competition from other pharmaceutical and
biotechnology companies, which may result in others discovering, developing or commercializing products before, or more successfully,
than we do; and
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It is difficult and costly to protect our proprietary rights,
and we may not be able to ensure their protection. If our patent position and other intellectual property rights do not adequately
protect our product candidates, others could compete against us (including directly), which could materially harm our business,
results of operations and financial condition.
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Corporate Information
We
were incorporated on November 16, 2007 under the laws of the State of Nevada as Tamandare Explorations Inc. On October 11, 2011,
we changed our name to Tonix Pharmaceuticals Holding Corp. Our principal executive offices are located at 509 Madison Avenue,
Suite 1608, New York, New York 10022, and our telephone number is (212) 980-9155. Our website addresses are
www.tonixpharma.com,
www.tonix.com,
and
www.krele.com
. The information on our websites is not incorporated into this prospectus
and is not part of this prospectus. We have included our website addresses as a factual reference and do not intend them to be
active links to our websites.
THE
OFFERING
Common stock offered by us
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5,100,000 shares (assuming an assumed public offering price of $1.18 per
share (the last reported sale price of our common stock on the NASDAQ Global Market on July 11, 2019)
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Common stock outstanding immediately
prior to this offering (as of July 11, 2019)
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6,338,320 shares
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Common stock to be outstanding
immediately following this offering
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11,438,320 shares
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Underwriters’ option to purchase additional shares from us
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765,000 shares
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Use of proceeds
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We estimate that we will receive net proceeds from this offering
of approximately $5.2 million, or approximately $6.0 million if the underwriters exercise their overallotment option, based
upon an assumed public offering price of $1.18 per share (the last reported sale price of our common stock on the NASDAQ Global
Market on July 11, 2019) and after deducting the underwriting discounts and commissions and estimated offering expenses payable
by us. We intend to use the net proceeds from this offering, together with our existing cash, to fund Phase 3 development
for our lead product candidate, TNX-102 SL, to advance the development of a recently in-licensed product candidate, TNX-1300,
and for working capital and other general corporate purposes. See “Use of Proceeds.”
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Dividend Policy
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We have never declared or paid any cash dividends on our common
stock, and currently do not plan to declare cash dividends on shares of our common stock in the foreseeable future. We expect
that we will retain all of our available funds and future earnings, if any, for use in the operation and expansion of our
business. See the section titled “Dividend Policy” for a more complete description of our dividend policy.
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Risk Factors
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An investment in our common stock involves a high degree of
risk. You should read the “Risk Factors” section of this prospectus for a discussion of factors to consider carefully
before deciding to invest in shares of our common stock.
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The Nasdaq Global Market symbol
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TNXP
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The
number of shares of common stock to be outstanding after this offering is based on 6,338,320 shares of common stock outstanding
at July 11, 2019 and excludes the following:
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1,090,044 shares of common stock issuable upon exercise of stock
options outstanding at a weighted-average exercise price of $19.84 per share;
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4,964,846 shares of common stock issuable upon exercise of warrants
outstanding at a weighted-average exercise price of $4.21 per share;
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558,300 shares of common stock reserved and available for issuance
under our equity compensation plan; and
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150,000 shares of common stock reserved and available for issuance
under our employee stock purchase plan.
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Unless
otherwise indicated, all information in this prospectus reflects or assumes no exercise by the underwriters of their option to
purchase up to an additional 765,000 shares of common stock in this offering.
Recent
Developments
On
May 20, 2019, we and The Trustees of Columbia University in the City of New York (“Columbia”) entered into an exclusive
License Agreement pursuant to which Columbia, for itself and on behalf of the University of Kentucky and the University of Michigan
granted us an exclusive license, with the right to sublicense, certain patents, technical information and material related to
a double-mutant cocaine esterase, now designated TNX-1300, a recombinant enzyme that efficiently degrades and metabolizes cocaine
in cocaine abusers, and to develop and commercialize products thereunder. Fees and payments, if any, due under the license agreement
are currently up to date.
An
opposition (the “Opposition”) was filed with the European Patent Office against our European patent, EP2501234, in
which the validity of the patent is being challenged based on prior art. Specifically, the challenged patent has claims directed
to a method of using cyclobenzaprine (CBP) for treating PTSD. TNX-102 SL is covered by the challenged patent claims. There is
a U.S. counterpart to EP2501234, U.S. Patent No. 9,918,948, the validity of which is not being challenged.
We
believe that we will prevail in the Opposition. However, even if we are unsuccessful, we do not believe that the invalidation
of the challenged patent would materially affect our intellectual property position with regard to TNX-102 SL. Additional patents
covering TNX-102 SL and its use to treat PTSD in the United States, Europe, and other countries should adequately protect our
use of TNX-102 SL in Europe and elsewhere.
RISK
FACTORS
An
investment in our common stock is speculative and involves a high degree of risk including the risk of a loss of your entire investment.
You should carefully consider the following risk factors, as well as those set forth under the heading “Risk Factors”
in our Annual Report on Form 10-K for the year ended December 31, 2018, as updated by our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2019, which are incorporated by reference in this prospectus. These risk factors contain, in addition
to historical information, forward looking statements that involve risks and uncertainties. Our actual results could differ significantly
from the results discussed in the forward looking statements. The occurrence of any of the following adverse developments described
in the following risk factors and in the documents incorporated by reference could materially and adversely harm our business,
financial condition, results of operations or prospects. In such event, the value of our common stock could decline, and you could
lose all or a substantial portion of the money that you pay for our common stock. In addition, the risks and uncertainties discussed
below and in the documents incorporated by reference are not the only ones we face. Our business, financial condition, results
of operations or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do not
believe are material, and these risks and uncertainties could results in a complete loss of your investment. In assessing the
risks and uncertainties described below, you should also refer to the other information contained in this prospectus (as supplemented
or amended) and the documents incorporated by reference in this prospectus.
Risks Related to our Securities
and the Offering
If
we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our
stock price may decline.
We
may from time to time issue additional shares of common stock at a discount from the current market price of our common stock.
As a result, our stockholders would experience immediate dilution upon the purchase of any shares of our common stock sold at
such discount. In addition, as opportunities present themselves, we may enter into financing or similar arrangements in the future,
including the issuance of debt securities, preferred stock or common stock. If we issue common stock or securities convertible
or exercisable into common stock, our common stockholders would experience additional dilution and, as a result, our stock price
may decline.
We
will have broad discretion in how we use the net proceeds of this offering. We may not use these proceeds effectively, which could
affect our results of operations and cause our stock price to decline.
We
will have considerable discretion in the application of the net proceeds of this offering, including for any of the purposes described
in the section entitled “Use of Proceeds.” We intend to use the net proceeds from this offering to fund clinical development
of our product candidates and working capital and other general corporate purposes. As a result, investors will be relying upon
management’s judgment with only limited information about our specific intentions for the use of the balance of the net
proceeds of this offering. We may use the net proceeds for purposes that do not yield a significant return or any return at all
for our stockholders. In addition, pending their use, we may invest the net proceeds from this offering in a manner that does
not produce income or that loses value.
An
active trading market for our common stock may not be sustained.
Although
our common stock is listed on the NASDAQ Global Market, the market for our shares has demonstrated varying levels of trading activity.
Furthermore, the current level of trading may not be sustained in the future. The lack of an active market for our common stock
may impair investors’ ability to sell their shares at the time they wish to sell them or at a price that they consider reasonable,
may reduce the fair market value of their shares and may impair our ability to raise capital to continue to fund operations by
selling shares and may impair our ability to acquire additional intellectual property assets by using our shares as consideration.
The
market price for our common stock may be volatile, and your investment in our common stock could decline in value.
The
stock market in general has experienced extreme price and volume fluctuations. The market prices of the securities of biotechnology
and specialty pharmaceutical companies, particularly companies like ours without product revenues and earnings, have been highly
volatile and may continue to be highly volatile in the future. This volatility has often been unrelated to the operating performance
of particular companies. The following factors, in addition to other risk factors described in this section, may have a significant
impact on the market price of our common stock:
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announcements of technological innovations or new products by us or our competitors;
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announcement of FDA approval or disapproval of our product candidates or other product-related
actions;
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developments involving our discovery efforts and clinical studies;
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developments or disputes concerning patents or proprietary rights, including announcements
of infringement, interference or other litigation against us or our potential licensees;
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developments involving our efforts to commercialize our products, including developments
impacting the timing of commercialization;
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announcements concerning our competitors, or the biotechnology, pharmaceutical or drug delivery
industry in general;
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public concerns as to the safety or efficacy of our product candidates or our competitors’
products;
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changes in government regulation of the pharmaceutical or medical industry;
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changes in the reimbursement policies of third party insurance companies or government agencies;
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actual or anticipated fluctuations in our operating results;
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changes in financial estimates or recommendations by securities analysts;
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developments involving corporate collaborators, if any;
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changes in accounting principles; and
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the loss of any of our key scientific or management personnel.
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In
the past, securities class action litigation has often been brought against companies that experience volatility in the market
price of their securities. Whether or not meritorious, litigation brought against us could result in substantial costs and a diversion
of management’s attention and resources, which could adversely affect our business, operating results and financial condition.
We
do not anticipate paying dividends on our common stock and, accordingly, stockholders must rely on stock appreciation for any
return on their investment.
We
have never declared or paid cash dividends on our common stock and do not expect to do so in the foreseeable future. The declaration
of dividends is subject to the discretion of our board of directors and limitations under applicable law, and will depend on various
factors, including our operating results, financial condition, future prospects and any other factors deemed relevant by our board
of directors. You should not rely on an investment in our company if you require dividend income from your investment in our company.
The success of your investment will likely depend entirely upon any future appreciation of the market price of our common stock,
which is uncertain and unpredictable. There is no guarantee that our common stock will appreciate in value.
We
expect that our quarterly results of operations will fluctuate, and this fluctuation could cause our stock price to decline.
Our
quarterly operating results are likely to fluctuate in the future. These fluctuations could cause our stock price to decline.
The nature of our business involves variable factors, such as the timing of the research, development and regulatory pathways
of our product candidates, which could cause our operating results to fluctuate.
Due
to the possibility of fluctuations in our revenues and expenses, we believe that quarter-to-quarter comparisons of our operating
results are not a good indication of our future performance.
The
rights of the holders of common stock may be impaired by the potential issuance of preferred stock.
Our
articles of incorporation, as amended, give our board of directors the ability to designate and issue preferred stock in one or
more series. As a result, the board of directors may, without stockholder approval, issue preferred stock with voting, dividend,
conversion, liquidation or other rights which could adversely affect the relative voting power and equity interest of the holders
of common stock. Preferred stock, which could be issued with the right to more than one vote per share, could have the effect
of discouraging, delaying or preventing a change of control of us. The possible impact on takeover attempts could adversely affect
the price of our common stock. Although we have no present intention to designate any series, or issue any shares, of preferred
stock, we may do so in the future.
Because
certain of our stockholders control a significant number of shares of our common stock, they may have effective control
over actions requiring stockholder approval.
As
of July 11, 2019 our directors, executive officers and principal stockholders (those beneficially owning in excess of 5%), and
their respective affiliates, beneficially own approximately 30% of our outstanding shares of common stock. As a result, these
stockholders, acting together, could have the ability to control the outcome of matters submitted to our stockholders for approval,
including the election of directors and any merger, consolidation or sale of all or substantially all of our assets. As such,
these stockholders, acting together, could have the ability to exert influence over the management and affairs of our company.
Accordingly, this concentration of ownership might harm the market price of our common stock by:
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delaying, deferring or preventing a change in corporate control;
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impeding a merger, consolidation, takeover or other business combination involving us; or
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discouraging a potential acquirer from making a tender offer or otherwise attempting to
obtain control of us.
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If
securities or industry analysts do not publish research or reports about our business, or if they change their recommendations
regarding our stock adversely, our stock price and trading volume could decline.
The
trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish
about us or our business. Our research coverage by industry and financial analysts is currently limited. Even if our analyst coverage
increases, if one or more of the analysts who cover us downgrade our stock, our stock price would likely decline. If one or more
of these analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which in turn could cause our stock price or trading volume to decline.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference in this prospectus contain, and our officers and representatives may from
time to time make, “forward-looking statements,” which include information relating to future events, future financial
performance, financial projections, strategies, expectations, competitive environment and regulation. Words such as “may,”
“should,” “could,” “would,” “predicts,” “potential,” “continue,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates,” “goal,” “seek,” “project,” “strategy,” “likely,”
and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements
are neither historical facts, nor should they be read as a guarantee of future performance or results and may not be accurate
indications of when such performance or results will be achieved. Forward-looking statements are based on information we have
when those statements are made or management’s good faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited
to:
|
●
|
our history of operating losses and expectation that we will continue to incur operating
losses for the foreseeable future;
|
|
●
|
our ability to obtain FDA approval for any of our product candidates;
|
|
●
|
our current and future capital requirements to support our development efforts and our ability
to satisfy our capital needs;
|
|
●
|
our ability to maintain or protect the validity of our patents and other intellectual property;
|
|
|
|
|
●
|
our ability to retain key executives and medical and science personnel;
|
|
●
|
our ability to internally develop new inventions and intellectual property;
|
|
●
|
interpretations of current laws and the passages of future laws;
|
|
●
|
acceptance of our business model by investors;
|
|
●
|
the accuracy of our estimates regarding expenses and capital requirements; and
|
|
●
|
our ability to adequately support growth.
|
The
foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein
and in the documents incorporated by reference herein or risk factors that we are faced with that may cause our actual results
to differ from those anticipate in our forward-looking statements. Please see “Risk Factors” for additional risks
which could adversely impact our business and financial performance.
Moreover,
new risks regularly emerge and it is not possible for our management to predict or articulate all risks we face, nor can we assess
the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to
differ from those contained in any forward-looking statements. The Private Securities Litigation Reform Act of 1995 and Section
27A of the Securities Act of 1933, as amended, do not protect any forward-looking statements that we make in connection with this
offering. All forward-looking statements included in this prospectus and in the documents incorporated by reference in this prospectus
are based on information available to us on the date of this prospectus or the date of the applicable document incorporated by
reference. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise
any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information,
future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this prospectus
and in the documents incorporated by reference in this prospectus. We qualify all of our forward-looking statements by these cautionary
statements.
IN
ADDITION TO THE ABOVE RISKS, BUSINESSES ARE OFTEN SUBJECT TO RISKS NOT FORESEEN OR FULLY APPRECIATED BY MANAGEMENT. IN REVIEWING
THIS PROSPECTUS AND THE DOCUMENTS INCORPORATED BY REFERENCE IN THIS PROSPECTUS, POTENTIAL INVESTORS SHOULD KEEP IN MIND THAT THERE
MAY BE OTHER POSSIBLE RISKS THAT COULD BE IMPORTANT.
USE
OF PROCEEDS
We
estimate that we will receive net proceeds of approximately $5.2 million from the sale of the shares of common stock offered in
this offering, or approximately $6.0 million if the underwriters exercise their over-allotment option in full, based on an assumed
public offering price of $1.18 per share (the last reported sale price of our common stock on the NASDAQ Global Market on July
11, 2019) and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.
Each
$0.50 increase (decrease) in the assumed public offering price of $1.18 per share (last reported sale price of our common stock
on the NASDAQ Global Market on July 11, 2019) would increase (decrease) the net proceeds to us from this offering, after deducting
the underwriting discounts and commissions and estimated offering expenses payable by us, by approximately $2.3 million, assuming
that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same.
We
may also increase or decrease the number of shares we are offering. An increase (decrease) of 1,000,000 in the number of shares
we are offering would increase (decrease) the net proceeds to us from this offering, after deducting the underwriting discounts
and commissions and estimated offering expenses payable by us, by approximately $1.1 million, assuming the public offering price
stays the same. An increase of 1,000,000 in the number of shares we are offering, together with a $0.50 increase in the assumed
public offering price of $1.18 per share (the last reported sale price of our common stock on the NASDAQ Global Market on July
11, 2019), would increase the net proceeds to us from this offering, after deducting the underwriting discounts and commissions
and estimated offering expenses payable by us, by approximately $3.8 million. A decrease of 1,000,000 in the number of shares
we are offering, together with a $ 0.50 decrease in the assumed public offering price of $1.18 per share (the last reported
sale price of our common stock on the NASDAQ Global Market on July 11, 2019), would decrease the net proceeds to us from
this offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, by approximately
$2.9 million. We do not expect that a change in the offering price or the number of shares by these amounts would have a material
effect on our intended uses of the net proceeds from this offering, although it may impact the amount of time prior to which we
may need to seek additional capital.
We
currently expect to use the net proceeds from this offering to fund Phase 3 development for our lead product candidate, TNX-102
SL and to advance the development of our recently in-licensed product candidate, TNX-1300, and for working capital and other general
corporate purposes.
Although
we currently anticipate that we will use the net proceeds from this offering as described above, there may be circumstances where
a reallocation of funds is necessary. The amounts and timing of our actual expenditures will depend upon numerous factors, including
our sales and marketing and commercialization efforts, demand for our products, our operating costs and the other factors described
under “Risk Factors” in this prospectus. Accordingly, our management will have flexibility in applying the net proceeds
from this offering. An investor will not have the opportunity to evaluate the economic, financial or other information on which
we base our decisions on how to use the proceeds.
Although
we may use a portion of the net proceeds of this offering for the acquisition or licensing, as the case may be, of additional
technologies, other assets or businesses, or for other strategic investments or opportunities, we have no current understandings,
agreements or commitments to do so.
Pending
our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments,
including short-term, investment-grade, interest-bearing instruments and U.S. government securities.
DIVIDEND
POLICY
We
have never declared or paid any cash dividends on our capital stock. We currently intend to retain any future earnings and do
not expect to pay any dividends in the foreseeable future. Any future determination to declare cash dividends will be made at
the discretion of our Board of Directors, subject to applicable laws, and will depend on a number of factors, including our financial
condition, results of operations, capital requirements, contractual restrictions, general business conditions, and other factors
that our Board of Directors may deem relevant. In addition, the terms of our revolving credit facility place certain limitations
on the amount of cash dividends we can pay, even if no amounts are currently outstanding.
CAPITALIZATION
The
following table sets forth our capitalization as of March 31, 2019:
|
●
|
on an actual basis; and
|
|
●
|
on an as-adjusted basis to reflect the issuance and sale by
us of 5,100,000 shares of our common stock in this offering at the assumed public offering price of $1.18 per share (the last
reported sale price of our common stock on the NASDAQ Capital Global Market on July 11, 2019), after deducting underwriting
discounts and commissions and estimated offering expenses payable by us and the receipt by us of the proceeds of such sale.
|
You
should read this information together with the sections titled “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2018 and our Quarterly
Reports on Form 10-Q for the quarter ended March 31, 2019, which are incorporated by reference in this prospectus, and our consolidated
financial statements and related notes incorporated by reference in this prospectus.
|
|
As of March 31, 2019
|
|
|
|
Actual
|
|
|
As Adjusted
|
|
|
|
(unaudited)
|
|
|
|
(in thousands, except per share data)
|
|
Cash and cash
equivalents
|
|
$
|
16,448
|
|
|
$
|
21,614
|
|
Other long-term liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
Stockholders’ equity (deficit):
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 150,000,000
authorized, 6,089,728 issued and outstanding (actual); 11,189,728 issued and outstanding (as adjusted)
|
|
|
6
|
|
|
|
11
|
|
Preferred stock, $0.001 par value; 5,000,000
authorized, zero issued and outstanding (actual), 5,000,000 authorized, zero issued and outstanding (as adjusted)
|
|
|
—
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
212,529
|
|
|
|
217,690
|
|
Accumulated deficit
|
|
|
(194,685
|
)
|
|
|
(194,685
|
)
|
Accumulated other comprehensive
loss
|
|
|
(39
|
)
|
|
|
(39
|
)
|
Total shareholders’
equity
|
|
|
17,811
|
|
|
|
22,977
|
|
Total capitalization
|
|
$
|
17,811
|
|
|
$
|
22,977
|
|
Each
$0.50 increase (decrease) in the assumed public offering price of $1.18 per share (the last reported sale price of
our common stock on the NASDAQ Global Market on July 11, 2019) would increase (decrease) the amount of cash and cash equivalents,
additional paid-in capital, total stockholders’ equity and total capitalization on an as adjusted basis by approximately
$2.3 million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same
and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase
(decrease) of 1,000,000 shares offered by us would increase (decrease) cash and cash equivalents, total stockholders’ equity
and total capitalization on an as adjusted basis by approximately $1.1 million, assuming the assumed public offering price of
$1.18 per share (the last reported sale price of our common stock on the NASDAQ Global Market on July 11, 2019) remains
the same, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Each 1,000,000
share increase in the number of shares offered by us together with a concomitant $0.50 increase in the assumed public offering
price of $1.18 per share (the last reported sale price of our common stock on the NASDAQ Global Market on July 11, 2019) would
increase each of cash and cash equivalents and total stockholders’ equity by approximately $3.8 million after deducting
underwriting discounts and commissions and any estimated offering expenses payable by us. Conversely, each 1,000,000 share decrease
in the number of shares offered by us together with a concomitant $0.50 decrease in the assumed public offering price of $1.18
per share (the last reported sale price of our common stock on the NASDAQ Global Market on July 11, 2019) would decrease each
of cash and cash equivalents and total stockholders’ equity by approximately $2.9 million after deducting underwriting discounts
and commissions and any estimated offering expenses payable by us. The as adjusted information discussed above is illustrative
only and will be adjusted based on the actual public offering price and other terms of this offering determined at pricing.
The
number of shares of our common stock to be outstanding upon completion of this offering is based on 6,089,728 shares of our common
stock outstanding as of March 31, 2019 and excludes:
|
●
|
248,344 shares of common stock issuable upon exercise of stock
options outstanding at a weighted-average exercise price of $79.65 per share;
|
|
●
|
4,964,846 shares of common stock issuable upon exercise of warrants
outstanding at a weighted-average exercise price of $4.21 per share;
|
|
●
|
5,096 shares of common stock reserved and available for issuance
under our equity compensation plan; and
|
|
●
|
28,242 shares of common stock reserved and available for issuance
under our employee stock purchase plan.
|
MARKET
PRICE OF OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS
Our
common stock trades on the Nasdaq Global Market under the symbol “TNXP”. The following table sets forth the range
of high and low sales prices per share of our common stock for the past two years during the periods shown.
|
|
Fiscal Year 2019
|
|
|
|
High
|
|
|
Low
|
|
First Quarter
|
|
$
|
4.20
|
|
|
$
|
1.70
|
|
Second Quarter (though July 11, 2019)
|
|
$
|
3.14
|
|
|
$
|
0.96
|
|
|
|
Fiscal Year 2018
|
|
|
|
High
|
|
|
Low
|
|
First Quarter
|
|
$
|
43.50
|
|
|
$
|
29.00
|
|
Second Quarter
|
|
$
|
51.10
|
|
|
$
|
27.00
|
|
Third Quarter
|
|
$
|
48.00
|
|
|
$
|
5.80
|
|
Fourth Quarter
|
|
$
|
9.88
|
|
|
$
|
1.70
|
|
|
|
Fiscal Year 2017
|
|
|
|
High
|
|
|
Low
|
|
First Quarter
|
|
$
|
94.00
|
|
|
$
|
33.01
|
|
Second Quarter
|
|
$
|
58.10
|
|
|
$
|
38.00
|
|
Third Quarter
|
|
$
|
47.70
|
|
|
$
|
28.50
|
|
Fourth Quarter
|
|
$
|
49.90
|
|
|
$
|
33.10
|
|
Holders
As
of July 11, 2019, we had approximately 105 registered holders of record of our common stock. A substantially greater number of
holders of our common stock are “street name” or beneficial holders, whose shares of record are held through banks,
brokers, other financial institutions and registered clearing agencies.
PRINCIPAL
STOCKHOLDERS
The
following table sets forth information regarding the beneficial ownership of our common stock as of July 11, 2019 by:
|
●
|
each of our stockholders who is known by us to beneficially own 5% or more of our common
stock;
|
|
●
|
each of our named executive officers;
|
|
●
|
each of our directors; and
|
|
●
|
all of our directors and current officers as a group.
|
Beneficial
ownership is determined based on the rules and regulations of the SEC. A person has beneficial ownership of shares if such individual
has the power to vote and/or dispose of shares. This power may be sole or shared and direct or indirect. In computing the number
of shares beneficially owned by a person and the percentage ownership of that person, shares of our common stock that are subject
to options or warrants held by that person and exercisable as of, or within 60 days of, July 11, 2019 are counted as outstanding.
These shares, however, are not counted as outstanding for the purposes of computing the percentage ownership of any other person(s).
Except as may be indicated in the footnotes to this table and pursuant to applicable community property laws, each person named
in the table has sole voting and dispositive power with respect to the shares of our common stock set forth opposite that person’s
name. Unless indicated below, the address of each individual listed below is c/o Tonix Pharmaceuticals Holding Corp., 509 Madison
Avenue, Suite 1608, New York, New York 10022.
Applicable
percentage ownership in the following table is based on 6,338,320 shares of our common stock outstanding as of July 11, 2019 and
also lists applicable percentage ownership based on 11,438,320 shares of our common stock assumed to be outstanding after completion
of the offering, assuming no exercise by the underwriters of their option to purchase additional shares of our common stock.
|
|
NUMBER OF
|
|
|
PERCENTAGE OF
SHARES BENEFICIALLY OWNED
|
|
NAME OF OWNER
|
|
SHARES OWNED (1)
|
|
|
Before Offering
(2)
|
|
|
After Offering
|
|
Seth Lederman
|
|
|
66,715
|
(3)
|
|
|
1.05
|
%
|
|
|
*
|
|
Jessica Morris
|
|
|
5,575
|
(4)
|
|
|
*
|
|
|
|
*
|
|
Bradley Saenger
|
|
|
5,904
|
(5)
|
|
|
*
|
|
|
|
*
|
|
Gregory Sullivan
|
|
|
10,230
|
(6)
|
|
|
*
|
|
|
|
*
|
|
Margaret Smith Bell
|
|
|
4,000
|
(7)
|
|
|
*
|
|
|
|
*
|
|
Daniel Goodman
|
|
|
57
|
(8)
|
|
|
*
|
|
|
|
*
|
|
Patrick Grace
|
|
|
4,701
|
(9)
|
|
|
*
|
|
|
|
*
|
|
David Grange
|
|
|
2,700
|
(10)
|
|
|
*
|
|
|
|
*
|
|
Adeoye Olukotun
|
|
|
1,500
|
(11)
|
|
|
*
|
|
|
|
*
|
|
John Rhodes
|
|
|
8,965
|
(12)
|
|
|
*
|
|
|
|
*
|
|
James Treco
|
|
|
10,000
|
(13)
|
|
|
*
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Officers and Directors as a Group (11 persons)
|
|
|
120,347
|
(14)
|
|
|
1.88
|
%
|
|
|
1.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iroquois Capital Management LLC
|
|
|
1,980,634
|
(15)
|
|
|
26.99
|
%
|
|
|
15.92
|
%
|
* Denotes
less than 1%
(1) Beneficial
Ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect
to securities. Shares of common stock subject to options or warrants currently exercisable or convertible, or exercisable or convertible
within 60 days of July 11, 2019 are deemed outstanding for computing the percentage of the person holding such option or warrant
but are not deemed outstanding for computing the percentage of any other person.
(2) Percentage
based upon 6,338,320 shares of common stock issued and outstanding as of July 11, 2019.
(3) Includes
23,782 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days, 50 shares
of common stock underlying warrants, 2,047 shares of common stock owned by Lederman & Co, 325 shares of common stock owned
by L&L, 590 shares of common stock owned by Targent, 292 shares of common stock owned by Leder Laboratories, Inc. (Leder Labs),
292 shares of common stock owned by Starling, 32,670 shares owned through a 401(k) account, 4,590 shares owned through an IRA
account and 310 shares owned by Dr. Lederman’s spouse. Seth Lederman, as the Managing Member of Lederman & Co and Targent,
the Manager of L&L and the Chairman of Leder Labs and Starling, has investment and voting control over the shares held by
these entities.
(4) Includes
5,388 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days, and 23 shares
of common stock underlying warrants.
(5) Includes
5,010 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days.
(6) Includes
7,595 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days.
(7) Includes
4,000 shares of common stock underlying options and restricted stock units which are currently exercisable or vested or become
exercisable within 60 days.
(8) Includes
50 shares of common stock underlying options and restricted stock units which are currently exercisable or vested or become exercisable
within 60 days.
(9) Includes
4,425 shares of common stock underlying options and restricted stock units which are currently exercisable or vested or become
exercisable within 60 days.
(10) Includes
2,700 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days.
(11) Includes
1,500 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days.
(12) Includes
6,493 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days and 125 shares
of common stock underlying warrants.
(13) Includes
10,000 shares of common stock underlying options which are currently exercisable or become exercisable within 60 days.
(14) Includes
70,943 shares of common stock underlying options which are currently exercisable or vested or become exercisable within 60 days,
2,047 shares of common stock owned by Lederman & Co, 325 shares of common stock owned by L&L, 590 shares of common stock
owned by Targent, 292 shares of common stock owned by Leder Labs, 292 shares of common stock owned by Starling, 32,670 shares
owned through a 401(k) account of Dr. Lederman, 4,590 shares owned through an IRA account of Dr. Lederman, 310 shares owned by
Dr. Lederman’s spouse, and 198 shares of common stock underlying warrants owned directly by the executive officers and directors.
(15) Based
upon a Schedule 13G (as amended) filed with the SEC on February 14, 2019 by Iroquois Capital Management L.L.C., and notifications
to the Company received through March 13, 2019, Richard Abbe and Kimberly Page, Iroquois Master Fund Ltd. held 355,013 shares
of common stock and warrants to purchase 356,975 shares of common stock; and Iroquois Capital Investment Group LLC held 625,621
shares of common stock and warrants to purchase 643,025 shares of common stock. Mr. Abbe shares authority and responsibility for
the investments made on behalf of Iroquois Master Fund with Ms. Kimberly Page, each of whom is a director of the Iroquois Master
Fund Ltd. As such, Mr. Abbe and Ms. Page may each be deemed to be the beneficial owner of all shares of common stock held by,
and underlying the preferred stock and warrants held by, Iroquois Master Fund. Iroquois Capital is the investment advisor for
Iroquois Master Fund and Mr. Abbe is the President of Iroquois Capital. Mr. Abbe has the sole authority and responsibility for
the investments made on behalf of Iroquois Capital Investment Group LLC. As such, Mr. Abbe may be deemed to be the beneficial
owner of all shares of common stock held by, and underlying the preferred stock and warrants held by, Iroquois Master Fund and
Iroquois Capital Investment Group LLC. Each of the Reporting Persons disclaims any beneficial ownership of any shares of common
stock except to the extent of their pecuniary interest therein. The mailing address for each beneficial owner is 125 Park Ave,
25th floor, NY, NY 10017.
CERTAIN
RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS
Other
than compensation arrangements for our named executive officers and directors, during the past three years, there have been no
transactions, whether directly or indirectly, between the Company and any of its officers, directors or their family members in
which:
|
●
|
the amounts involved exceeded or will exceed the lesser of (i)
$120,000 or (ii) 1% of the average total assets of the Company at year end for the last two completed fiscal years; and
|
|
●
|
any of the Company’s directors, executive officers, promoters
or holders of more than 5% of the Company’s capital stock, or any member of the immediate family of the foregoing persons,
had or will have a direct or indirect material interest.
|
Compensation
arrangements for our named executive officers and directors are described in the section titled “Executive Compensation”
in our Annual Report on Form 10-K for the year ended December 31, 2018, which is incorporated by reference in this prospectus.
DESCRIPTION
OF CAPITAL STOCK
The
following is a summary of all material characteristics of our capital stock as set forth in our articles of incorporation and
bylaws, each as amended. The summary does not purport to be complete and is qualified in its entirety by reference to our articles
of incorporation and bylaws, each as amended, and to the provisions of Chapters 78 and 92A of the Nevada Revised Statutes, as
amended (“NRS”).
Common Stock
We
are authorized to issue up to 150,000,000 shares of our common stock, par value $0.001 per share. As of July 11, 2019, there were
6,338,320 shares of our common stock issued and outstanding. The outstanding shares of our common stock are validly issued, fully
paid and nonassessable.
Holders
of our common stock are entitled to one vote for each share on all matters submitted to a stockholder vote. Holders of our common
stock do not have cumulative voting rights. Therefore, holders of a majority of the shares of our common stock voting for the
election of directors collectively hold voting power to elect all of our directors. Holders of our common stock representing a
majority of the voting power of our capital stock issued, outstanding and entitled to vote, represented in person or by proxy,
are necessary to constitute a quorum at any meeting of stockholders. A vote by the holders of a majority of our outstanding shares
is required to effectuate certain fundamental corporate changes such as dissolution, merger or an amendment to our articles of
incorporation, as amended. However, a two-thirds vote is required for stockholders to amend our amended and restated bylaws.
Subject
to the rights of holders of shares of our preferred stock, if any, the holders of our common stock are entitled to share in all
dividends that our board of directors, in its discretion, declares on our common stock from legally available funds. In the event
of a liquidation, dissolution or winding up, each outstanding share of our common stock entitles its holder to participate pro
rata in all assets that remain after payment of liabilities and after providing for each class of stock, if any, having preference
over our common stock. Our common stock has no registration, pre-emptive, subscription or conversion rights and there are no redemption
provisions applicable to our common stock.
Exchange Listing
Our
common stock is listed on the NASDAQ Global Market under the trading symbol “TNXP.”
Transfer Agent and Registrar.
The
Transfer Agent and Registrar for our common stock is VStock Transfer, LLC, 18 Lafayette Place, Woodmere, NY 11598.
Preferred Stock
We
are authorized to issue up to 5,000,000 shares of preferred stock, par value $0.001 per share, none of which are currently outstanding.
The shares of preferred stock may be issued in series, and each such series shall have such voting powers, full or limited, or
no voting powers, and such designations, preferences and relative participating, optional or other special rights, and qualifications,
limitations or restrictions thereof, as shall be stated and expressed in the certificate of designation relating to such series,
as approved by the board of directors and filed with the Nevada Secretary of State. Pursuant to our articles of incorporation,
as amended, the board of directors is expressly vested with the authority, without further action by the stockholders, to determine
and fix in the resolution or resolutions providing for the issuances of preferred stock the voting powers, designations, preferences
and rights, and the qualifications, limitations or restrictions thereof, of each such series to the full extent now or hereafter
permitted by the laws of the State of Nevada.
Prior
to the issuance of any series of preferred stock, we will further amend our articles of incorporation, as amended, by way of a
certificate of designation designating such series and its terms. We will file a copy of the certificate of designation that contains
the terms of each such series of preferred stock with the Nevada Secretary of State and the SEC each time we issue a new series
of preferred stock. Each certificate of designation will establish the number of shares included in a designated series and fix
the designation, powers, privileges, preferences and rights of the shares of each series as well as any applicable qualifications,
limitations or restrictions, including, as applicable:
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the designation, stated value and liquidation preference of
the series;
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the number of shares within the series;
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the dividend rate or rates (or method of calculation), the date
or dates from which dividends shall accrue, and whether such dividends shall be cumulative or noncumulative and, if cumulative,
the dates from which dividends shall commence to cumulate;
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any redemption or sinking fund provisions;
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the amount that shares of the series shall be entitled to receive
in the event of our liquidation, dissolution or winding-up;
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the terms and conditions, if any, on which shares of the series
shall be convertible or exchangeable for shares of our stock of any other class or classes, or other series of the same class;
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the voting rights, if any, of shares of the series; the status
as to reissuance or sale of shares of the series redeemed, purchased or otherwise reacquired, or surrendered to us on conversion
or exchange;
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the conditions and restrictions, if any, on the payment of dividends
or on the making of other distributions on, or the purchase, redemption or other acquisition by us or any subsidiary, of the
common stock or of any other class of our shares ranking junior to the shares of the series as to dividends or upon liquidation;
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the conditions and restrictions, if any, on the creation of
indebtedness by us or by any subsidiary, or on the issuance of any additional stock ranking on a parity with or prior to the
shares of the series as to dividends or upon liquidation; and
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any additional dividend, liquidation, redemption, sinking or
retirement fund and other rights, preferences, privileges, limitations and restrictions of the series.
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The
issuance of any preferred stock could adversely affect the rights of the holders of common stock and, therefore, reduce the value
of the common stock. The ability of our board of directors to issue preferred stock could discourage, delay or prevent a takeover
or other corporate action.
On
December 7, 2018, we filed with the Nevada Secretary of State a certificate of designation designating 11,984 shares of our preferred
stock as Series A Convertible Preferred Stock, in connection with a units offering that included the issuance of all 11,984 designated
shares of the Series A Convertible Preferred Stock. Prior to the date of this prospectus, all shares of Series A Convertible Preferred
Stock have been converted into shares of our common stock, and pursuant to the terms of the certificate of designation, all such
converted shares have resumed the status of authorized but undesignated and unissued shares of our preferred stock and are no
longer designated as Series A Convertible Preferred Stock.
Anti-Takeover Effects of Provisions
of the Articles of Incorporation and Bylaws
Articles
of Incorporation and Bylaw Provisions.
Our articles of incorporation and bylaws, each as amended, include a number of
provisions that may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover
proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. They are intended to enhance
long-term value to our stockholders by increasing the likelihood of continued stability in the composition of our board of directors
and its policies and may have the effect of discouraging certain types of transactions that may involve an actual or threatened
acquisition of us. These provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to
discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others
from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our
stock that could result from actual or rumored takeover attempts. These provisions include the items described below.
Filling
Vacancies.
Any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in
the size of our board of directors, may only be filled by the affirmative vote of a majority of our directors then in office even
if less than a quorum.
Meetings
of Stockholders.
Our amended and restated bylaws provide that our president, our board of directors or a duly authorized
committee of the board of directors may call special meetings of stockholders and only those matters set forth in the notice of
the special meeting may be considered or acted upon at a special meeting of stockholders. Our bylaws limit the business that may
be conducted at an annual meeting of stockholders to those matters properly brought before the meeting.
Advance
Notice Requirements.
Our amended and restated bylaws include advance notice procedures with regard to stockholder proposals
relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders.
These procedures provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior
to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal executive
offices not less than 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the preceding
year. The notice must contain certain information specified in the amended and restated bylaws.
Amendment
to Bylaws and Articles of Incorporation.
As required by Nevada law, any amendment of our articles of incorporation, as
amended, must first be approved by a majority of our board of directors and, if required by law or our articles of incorporation,
as amended, thereafter be approved by a majority of the outstanding shares entitled to vote on the amendment, and a majority of
the outstanding shares of each class entitled to vote thereon as a class. Our amended and restated bylaws may be amended by the
affirmative vote of a majority vote of the directors then in office, subject to any limitations set forth in the amended and restated
bylaws, or by the holders of at least sixty-six and two-thirds percent (66 2/3%) of the outstanding voting power of our company,
voting together as a single class.
Blank
Check Preferred Stock.
Our articles of incorporation, as amended, provides for 5,000,000 authorized shares of preferred
stock. The existence of authorized but unissued shares of preferred stock may have the effect of discouraging an attempt to obtain
control of us by means of a merger, tender offer, proxy contest, or otherwise. For example, if in the due exercise of its fiduciary
obligations, our board of directors were to determine that a takeover proposal is not in the interests of our company or our stockholders,
our board of directors could cause shares of preferred stock to be issued without stockholder approval in one or more offerings
or other transactions that might have the effect of diluting the relative voting or other rights of the proposed acquirer or activist
stockholder or stockholder group. The issuance of shares of preferred stock with rights preferential to the common stock could
have the effect of decreasing the amounts available for distribution to holders of shares of common stock. The issuance may also
adversely affect the relative rights and powers, including voting rights, of these holders and may have the effect of delaying,
deterring, or preventing a change of control of us.
Exchange Listing
Our
common stock is listed on the NASDAQ Global Market under the trading symbol “TNXP.”
Transfer Agent and Registrar
The
transfer agent and registrar for our common stock is VStock Transfer, LLC, 18 Lafayette Place, Woodmere, NY 11598.
MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF OUR COMMON STOCK
The
following is a summary of the material United States federal income tax consequences to non-U.S. holders (as defined below) of
their ownership and disposition of our common stock, but does not purport to be a complete analysis of all the potential tax considerations
relating thereto. This summary is based upon current provisions of the Internal Revenue Code, or Code, existing and proposed United
States Treasury Regulations promulgated thereunder, current administrative rulings, and judicial decisions, all as in effect as
of the date hereof. These authorities may be changed, possibly retroactively, so as to result in United States federal tax consequences
different from those set forth below. We have not obtained, and do not intend to obtain, any opinion of counsel or ruling from
the Internal Revenue Service, or the IRS, with respect to the statements made and the conclusions reached in the following summary,
and there can be no assurance that the IRS will agree with such statements and conclusions.
This
summary also does not address the tax considerations arising under the laws of any non-United States, state or local jurisdiction
or under any non-income tax laws, including United States federal gift and estate tax laws, except to the limited extent set forth
below. In addition, this discussion does not address the potential application of the tax on net investment income or the alternative
minimum tax. This discussion may not apply, in whole or in part, to particular non-U.S. holders in light of their individual circumstances
or to holders subject to special treatment under the United States federal income tax laws, including, without limitation:
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insurance companies, banks or other financial institutions;
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tax-exempt organizations;
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controlled foreign corporations or passive foreign investment companies;
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brokers or dealers in securities or currencies;
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traders in securities that elect to use a mark-to-market method of accounting for their
securities holdings;
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persons that own, or are deemed to own, more than 5% of our capital stock (except to the
extent specifically set forth below);
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certain former citizens or long-term residents of the United States;
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persons that hold our common stock as a position in a hedging transaction, straddle, conversion
transaction, synthetic security or other integrated investment;
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persons that hold or receive our common stock pursuant to the exercise of any employee stock
option or otherwise as compensation; and
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persons that do not hold our common stock as a capital asset within the meaning of Section
1221 of the Code.
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In
addition, this discussion does not address the tax treatment of partnerships, including any entity or arrangement treated as a
partnership for United States federal income tax purposes. Generally, the tax treatment of a person treated as a partner in such
an entity will depend on the status of the partner, the activities of the partner and the partnership, and certain determinations
made at the partner level. Accordingly, partnerships that hold our common stock, and partners in such partnerships, should consult
their tax advisors.
THIS SUMMARY
IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE. WE RECOMMEND THAT PROSPECTIVE INVESTORS CONSULT THEIR TAX ADVISORS REGARDING
THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK,
AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL OR FOREIGN TAX LAWS, ANY APPLICABLE INCOME TAX TREATIES, OR ANY
OTHER U.S. FEDERAL TAX LAWS (INCLUDING ESTATE AND GIFT TAX LAWS).
Definition of Non-U.S. Holder
For
purposes of this discussion, you are a non-U.S. holder if you are a beneficial owner of our common stock that is not, for United
States federal income tax purposes:
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an individual citizen or resident of the United States;
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a corporation, or other entity taxable as a corporation, created
or organized in the United States or under the laws of the United States or any political subdivision thereof;
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an estate whose income is subject to United States federal income
tax regardless of its source; or
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a trust whose administration is subject to the primary supervision
of a United States court and which has one or more “United States persons” (as defined in the Code) who have the
authority to control all substantial decisions of the trust, or which has made a valid election to be treated as a United
States person.
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Distributions to non-U.S.
Holders
As
described in the section titled “Dividend Policy,” we do not anticipate paying any cash dividends or making distributions
of other property on our common stock in the foreseeable future. However, if we do make distributions of cash or property on our
common stock, those payments will constitute dividends for United States federal income tax purposes to the extent paid from our
current or accumulated earnings and profits, as determined under United States federal income tax principles. To the extent those
distributions exceed both our current and our accumulated earnings and profits, the excess will constitute a return of capital
and will first reduce a non-U.S. holder’s tax basis in our common stock, but not below zero, and then will be treated by
a non-U.S. holder as gain from the sale of stock as described below under “Gain on Dispositions of Our Common Stock by Non-U.S.
Holders.”
Subject
to the discussion below on effectively connected income, backup withholding, and FATCA, any dividend paid to a non-U.S. holder
generally will be subject to United States withholding tax either at a rate of 30% of the gross amount of the dividend or such
lower rate as may be specified by an applicable income tax treaty. To receive a reduced treaty rate, a non-U.S. holder must provide
us with an IRS Form W-8BEN or W-8BEN-E (or applicable successor form) and certify qualification for the reduced rate. If a non-U.S.
holder is eligible for a reduced rate of United States withholding tax pursuant to an income tax treaty, such non-U.S. holder
may obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim with the IRS. If a non-U.S.
holder holds our common stock through a financial institution or other agent acting on such non-U.S. holder’s behalf, appropriate
documentation will need to be provided to the agent, which then will be required to provide certification to us or our paying
agent, either directly or through other intermediaries.
Dividends
received by a non-U.S. holder that are effectively connected with such non-U.S. holder’s conduct of a trade or business
in the United States (and, if an applicable income tax treaty so provides, that are attributable to a permanent establishment
or a fixed base maintained by such non-U.S. holder in the United States), are generally exempt from the 30% withholding tax if
certain certification and disclosure requirements are satisfied. To obtain this exemption, a non-U.S. holder must provide us with
an IRS Form W-8ECI (or applicable successor form) properly certifying such exemption. However, such effectively connected dividends,
although not subject to withholding tax, generally are taxed at the same United States federal income tax rates applicable to
United States persons, net of certain deductions and credits. In addition, dividends received by a corporate non-U.S. holder that
are effectively connected with the conduct of a trade or business in the United States may also be subject to a branch profits
tax at a rate of 30% or such lower rate as may be specified by an applicable income tax treaty. Non-U.S. holders should consult
with tax advisors regarding any applicable income tax or other treaties that may provide for different rules.
Any
documentation provided to an applicable withholding agent may need to be updated in certain circumstances. The certification requirements
described above also may require a non-U.S. holder to provide a United States taxpayer identification number.
For
additional withholding rules that may apply to dividends, including dividends paid to foreign financial institutions (as specifically
defined by the applicable rules) or to certain other foreign entities that have substantial direct or indirect United States owners,
see the discussion below under the headings “Information Reporting and Backup Withholding” and “Withholdable
Payments to Foreign Financial Institutions and Other Foreign Entities.”
Gain on Disposition of Our
Common Stock by Non-U.S. Holders
Subject
to the discussion below under the headings “Information Reporting and Backup Withholding” and “Withholdable
Payments to Foreign Financial Institutions and Other Foreign Entities,” a non-U.S. holder generally will not be required
to pay United States federal income tax or withholding tax on any gain recognized upon the sale, exchange or other taxable disposition
of our common stock unless:
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the gain is effectively connected with the conduct of a trade
or business by such non-U.S. holder in the United States (and, if an applicable income tax treaty so provides, the gain is
attributable to a permanent establishment or a fixed base maintained by such non-U.S. holder in the United States), in which
case the non-U.S. holder will be required to pay tax on the net gain derived from the sale or disposition at the rates and
in the manner applicable to United States persons, and an additional branch profits tax at a rate of 30% (or such lower rate
as may be specified by an applicable income tax treaty) may also apply to a corporate non-U.S. holder;
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such non-U.S. holder is a nonresident alien individual who is
present in the United States for a period or periods aggregating 183 days or more during the calendar year in which the sale
or disposition occurs and certain other conditions are met, in which case the non-U.S. holder will be required to pay a flat
30% tax (or such lower rate as may be specified by an applicable income tax treaty) on the gain derived from the sale or disposition,
which gain may be offset by United States-source capital losses for the taxable year of the sale or disposition; or
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our common stock constitutes a United States real property interest
by reason of our status as a “United States real property holding corporation”, or USRPHC, for United States federal
income tax purposes at any time within the shorter of the five-year period preceding such non-U.S. holder’s disposition
of, or holding period for, our common stock, in which case the non-U.S. holder generally will be taxed on net gain derived
from the sale or disposition at the rates applicable to United States persons.
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We
believe that we are not currently and will not become a USRPHC and the remainder of this discussion so assumes. However, because
the determination of whether we are a USRPHC depends on the fair market value of our United States real property relative to the
fair market value of our other business assets, there can be no assurance that we will not become a USRPHC in the future. Even
if we become a USRPHC, however, as long as our common stock is regularly traded on an established securities market, such common
stock will be treated as United States real property interests only if a non-U.S. holder actually or constructively holds more
than 5% of such regularly traded common stock at any time during the shorter of the five-year period preceding such non-U.S. holder’s
disposition of, or holding period for, our common stock. Non- U.S. holders should consult with tax advisors regarding any applicable
income tax or other treaties that may provide for different rules.
Information Reporting and
Backup Withholding
We
(or the applicable paying agent) must report annually to the IRS the amount of dividends on our common stock paid to non-U.S.
holders and the amount of tax withheld, if any. A similar report will be sent to each non-U.S. holder. Copies of this information
reporting may also be made available under the provisions of a specific income tax treaty or agreement with the tax authorities
in a non-U.S. holder’s country of residence.
Non-U.S.
holders will generally be subject to backup withholding (at a current rate of 24%) for dividends on our common stock paid to such
non-U.S. holders unless an exemption is established such as by, for example, properly certifying non-United States status on an
IRS Form W-8BEN or W-8BEN-E (or applicable successor form). Notwithstanding the foregoing, backup withholding and information
reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that a holder of our common stock
is a United States person.
Information
reporting and backup withholding generally are not required with respect to the amount of any proceeds from the sale or other
disposition of our common stock by a non-U.S. holder outside the United States through a foreign office of a foreign broker that
does not have certain specified connections to the United States. However, if a non-U.S. holder sells or otherwise disposes of
shares of common stock through a United States broker or the United States offices of a foreign broker, the broker will generally
be required to report the amount of proceeds paid to such non-U.S. holder to the IRS and also to backup withhold on that amount
unless the broker is provided with appropriate certification of status as a non-United States person or an exemption is otherwise
established. Information reporting will also apply if a non-U.S. holder sells shares of common stock through a foreign broker
deriving more than a specified percentage of its income from United States sources or having certain other connections to the
United States, unless such broker has documentary evidence in its records that such non-U.S. holder is a non-United States person
and certain other conditions are met, or an exemption is otherwise established.
Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment may be refunded or
credited against a non-U.S. holder’s United States federal income tax liability, if any, provided that an appropriate claim
is timely filed with the IRS. Non-U.S. holders should consult with tax advisors regarding the application of the information reporting
and backup withholding rules to investment in our common stock.
Withholdable Payments to Foreign
Financial Institutions and other Foreign Entities
The
Foreign Account Tax Compliance Act, or FATCA, imposes a United States federal withholding tax of 30% on certain payments to “foreign
financial institutions” (as specifically defined under these rules) and certain other non-United States persons that fail
to comply with certain information reporting and certification requirements pertaining to their direct and indirect United States
security holders and/or United States account holders. Such payments generally include dividends on our common stock. While withholding
under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of our stock on or after
January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally
may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Under certain circumstances, a non-U.S.
holder may be eligible for refunds or credits of such taxes. An intergovernmental agreement between the United States and an applicable
foreign country may modify the requirements described in this paragraph. Non-U.S. holders should consult with tax advisors regarding
the possible implications of this legislation and any applicable intergovernmental agreements on investment in our common stock.
U.S. Federal Estate Tax
Our
common stock beneficially owned by an individual who is not a citizen or resident of the United States (as defined for United
States federal estate tax purposes) at the time of their death will generally be includable in the decedent’s gross estate
for United States federal estate tax purposes and, therefore, may be subject to United States federal estate tax unless an applicable
estate tax treaty or other treaty provides otherwise. Investors are urged to consult their own tax advisors regarding the United
States federal estate tax consequences of the ownership or disposition of our common stock.
THIS
SUMMARY IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE. NON-U.S. HOLDERS ARE URGED TO CONSULT WITH TAX ADVISORS WITH RESPECT
TO THE APPLICATION OF THE UNITED STATES FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATION, AS WELL AS ANY TAX CONSEQUENCES
OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE UNITED STATES FEDERAL ESTATE OR GIFT TAX RULES
OR UNDER THE LAWS OF ANY STATE, LOCAL, NON-UNITED STATES OR OTHER TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY, INCLUDING
THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.
UNDERWRITING
Aegis
Capital Corp. is acting as the lead managing underwriter and as representative of the underwriters (the “Representative”).
Subject to the terms and conditions of an underwriting agreement between us and the Representative, we have agreed to sell to
each underwriter named below, and each underwriter named below has severally agreed to purchase, at the public offering price
less the underwriting discounts set forth on the cover page of this prospectus, the number of shares of common stock listed next
to its name in the following table:
Name of Underwriter
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Number of Shares
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Aegis Capital Corp
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Total
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The
underwriters are committed to purchase all the shares of common stock offered by this prospectus if they purchase any shares of
common stock. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting
underwriters may be increased, or the offering may be terminated. The underwriters are not obligated to purchase the shares of
common stock covered by the underwriters’ option to purchase additional shares of common stock described below. The underwriters
are offering the shares of common stock, subject to prior sale, when, as and if issued to and accepted by them, subject to approval
of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters
of officer’s certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to
the public and to reject orders in whole or in part.
Over-Allotment
Option
We
have granted the underwriters an option exercisable for up to 45 days after the date of the underwriting agreement, to purchase
up to 765,000 shares of common stock at the public offering price listed on the cover page of this prospectus, less underwriting
discounts and commissions. The underwriters may exercise this option only to cover over-allotments, if any, made in connection
with this offering. To the extent the option is exercised, and the conditions of the underwriting agreement are satisfied, we
will be obligated to sell to the underwriters, and the underwriters will be obligated to purchase, these additional shares of
common stock.
Discount
and Commissions
We
have agreed to pay the underwriters a cash fee equal to eight percent (8%) of the aggregate gross proceeds.
The
Representative has advised us that the underwriters propose to offer the shares directly to the public at the public offering
price set forth on the cover of this prospectus. In addition, the Representative may offer some of the shares to other securities
dealers at such price less a concession of up to $ per share. After the offering to the public, the offering price and other selling
terms may be changed by the Representative without changing the Company’s proceeds from the underwriters’ purchase
of the shares.
The
following table shows the public offering price, underwriting discount and proceeds, before expenses, to us. The information assumes
either no exercise or full exercise by the underwriters of their over-allotment option. The underwriting commissions are equal
to the public offering price per share less the amount per share the underwriters pay us for the shares.
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Total
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Per
Share
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Without Over-
Allotment Option
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With Over-
Allotment Option
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Public offering price
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$
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$
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$
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Underwriting discounts and commissions
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$
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$
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$
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Proceeds, before expenses, to us
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$
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$
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$
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We
have agreed to pay the Representative a non-accountable expense allowance of 1% of the gross proceeds of the offering. We estimate
that the total expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting
expenses, but excluding underwriting discounts and commissions and the 1% non-accountable expense allowance, will be approximately
$310,000, all of which are payable by us. This figure includes expense reimbursements we have agreed to pay the Representative
for reimbursement of its expenses related to the offering up to a maximum aggregate expense allowance of $125,000, for which we
have paid a $25,000 advance, which will be returned to us to the extent not offset by actual expenses.
Determination
of Offering Price
Before
this offering, there has been a very limited public market for our common stock. Accordingly, the public offering price will be
negotiated between us and the representative. Among the factors to be considered in these negotiations are:
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the prospects for our company and the industry in which we operate;
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our past and present financial and operating performance;
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financial and operating information and market valuations of
publicly traded companies engaged in activities similar to ours;
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the prevailing conditions of U.S. securities markets at the
time of this offering; and
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other factors deemed relevant.
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Lock-Up
Agreements
We
and each of our officers and director have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber,
grant any option for the sale of or otherwise dispose of any shares of our common stock or other securities convertible into
or exercisable or exchangeable for shares of our common stock for a period of ninety (90) days from the date of this
offering without the prior written consent of the Representative.
The
Representative may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up
agreements prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements,
the representative will consider, among other factors, the security holder’s reasons for requesting the release, the number
of shares for which the release is being requested and market conditions at the time.
Pursuant
to the underwriting agreement, we have also agreed, for a period of ninety (90) days from the date of the offering, that we will
not, subject to specified exempt issuances, file or cause to be filed any registration statement with the Commission relating
to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable
for shares of capital stock of the Company.
Indemnification
We
have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to
contribute to payments the underwriters may be required to make in respect thereof.
Electronic Offer, Sale
and Distribution of Shares.
A
prospectus in electronic format may be made available on a website maintained by the Representative and may also be made available
on a website maintained by other underwriters. The underwriters may agree to allocate a number of shares to underwriters for sale
to their online brokerage account holders. Internet distributions will be allocated by the Representative to underwriters that
may make Internet distributions on the same basis as other allocations. In connection with the offering, the underwriters or syndicate
members may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses that are printable
as Adobe® PDF will be used in connection with this offering.
The
underwriters have informed us that they do not expect to confirm sales of shares offered by this prospectus to accounts over which
they exercise discretionary authority.
Other
than the prospectus in electronic format, the information on any underwriter’s website and any information contained in
any other website maintained by an underwriter is not part of the prospectus or the registration statement of which this prospectus
forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter and should not be
relied upon by investors.
Price
Stabilization, Short Positions, and Penalty Bids
In
connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price
of our common stock. Specifically, the underwriters may over-allot in connection with this offering by selling more shares than
are set forth on the cover page of this prospectus. This creates a short position in our common stock for its own account. The
short position may be either a covered short position or a naked short position. In a covered short position, the number of shares
common stock over-allotted by the underwriters is not greater than the number of shares of common stock that they may purchase
in the over-allotment option. In a naked short position, the number of shares of common stock involved is greater than the number
of shares common stock in the over-allotment option. To close out a short position, the underwriters may elect to exercise all
or part of the over-allotment option. The underwriters may also elect to stabilize the price of our common stock or reduce any
short position by bidding for, and purchasing, common stock in the open market.
The
underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed
to it for distributing a security in this offering because the underwriter repurchases that security in stabilizing or short covering
transactions.
Finally,
the underwriters may bid for, and purchase, shares of our common stock in market making transactions, including “passive”
market making transactions as described below.
These
activities may stabilize or maintain the market price of our common stock at a price that is higher than the price that might
otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue
any of these activities at any time without notice.
In
connection with this offering, the underwriters and selling group members, if any, or their affiliates may engage in passive market
making transactions in our common stock immediately prior to the commencement of sales in this offering, in accordance with Rule
103 of Regulation M under the Exchange Act. Rule 103 generally provides that:
|
☐
|
a passive market maker may not effect transactions or display
bids for our common stock in excess of the highest independent bid price by persons who are not passive market makers;
|
|
☐
|
net purchases by a passive market maker on each day are generally
limited to 30% of the passive market maker’s average daily trading volume in our common stock during a specified two-month
prior period or 200 shares, whichever is greater, and must be discontinued when that limit is reached; and
|
|
☐
|
passive market making bids must be identified as such.
|
|
|
|
Certain
Relationships
Certain
of the underwriters and their affiliates may in the future provide various investment banking, commercial banking and other
financial services for us and our affiliates for which they may in the future receive customary fees, however, we have no
present arrangements with any of the underwriters for any further services.
Offer
Restrictions Outside the United States
Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities
offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus
may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in
connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances
that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this
prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution
of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered
by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.
LEGAL
MATTERS
The
validity of the issuance of the shares of common stock offered hereby will be passed upon for us by Brownstein Hyatt Farber Schreck,
LLP, Las Vegas, Nevada. Certain legal matters in connection with this offering will be passed upon for the underwriters
by Ellenoff Grossman & Schole LLP.
EXPERTS
The
consolidated balance sheets of Tonix Pharmaceuticals Holding Corp. and subsidiaries as of December 31, 2018 and 2017 and the related
consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows for each of the years then
ended have been audited by EisnerAmper LLP, independent registered public accounting firm, as stated in their report which is
incorporated herein by reference, which report includes an explanatory paragraph about the existence of substantial doubt concerning
the Company’s ability to continue as a going concern. Such financial statements have been incorporated herein by reference
in reliance on the report of such firm given upon their authority as experts in accounting and auditing.
DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES
Our
directors and officers are indemnified to the fullest extent permitted under Nevada law. We also maintain insurance which protects
our officers and directors against any liabilities incurred in connection with their service in such a capacity.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling
persons pursuant to the foregoing, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by us of expenses incurred or paid by a director, officer or controlling person
of ours in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the common stock offered
by this prospectus. This prospectus, which is part of the registration statement, omits certain information, exhibits, schedules
and undertakings set forth in the registration statement. For further information pertaining to us and our common stock, reference
is made to our SEC filings and the registration statement and the exhibits and schedules to the registration statement. Statements
contained in this prospectus as to the contents or provisions of any documents referred to in this prospectus are not necessarily
complete, and in each instance where a copy of the document has been filed as an exhibit to the registration statement, reference
is made to the exhibit for a more complete description of the matters involved.
You
may read and copy all or any portion of the registration statement without charge at the office of the SEC at the Public Reference
Room at Station Place, 100 F Street, N.E., Washington, D.C. 20549. Copies of the registration statement may be obtained from the
SEC at prescribed rates from the Public Reference Section of the SEC at such address. In addition, registration statements and
certain other filings made with the SEC electronically are publicly available through the SEC’s web site at http://www.sec.gov.
The registration statement, including all exhibits and amendments to the registration statement, has been filed electronically
with the SEC.
We
are subject to the information and periodic reporting requirements of the Exchange Act, and we file periodic reports, proxy statements
and other information with the SEC. These periodic reports, proxy statements and other information are available for inspection
and copying at the public reference room and website of the SEC referred to above. We maintain a website at
http://www.tonixpharma.com
.
You may access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to
those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website
as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information
contained in, or that can be accessed through, our website is not incorporated by reference in, and is not part of, this prospectus,
and any references to this website or any other website are inactive textual references only. You may also request a copy of these
filings, at no cost, by writing us at 509 Madison Avenue, Suite 1608, New York, New York 10022 or telephoning us at (212) 980-9155.
INCORPORATION
OF DOCUMENTS BY REFERENCE
This
prospectus is part of the registration statement but the registration statement includes and incorporates by reference additional
information and exhibits. The Securities and Exchange Commission permits us to “incorporate by reference” the information
contained in documents we file with the Securities and Exchange Commission, which means that we can disclose important information
to you by referring you to those documents rather than by including them in this prospectus. Information that is incorporated
by reference is considered to be part of this prospectus and you should read it with the same care that you read this prospectus.
Information that we file later with the Securities and Exchange Commission will automatically update and supersede the information
that is either contained, or incorporated by reference, in this prospectus, and will be considered to be a part of this prospectus
from the date those documents are filed. We have filed with the Securities and Exchange Commission, and incorporate by reference
in this prospectus:
|
●
|
our Annual Report on Form 10-K for the year ended December 31,
2018, as filed with the Commission on March 18, 2019, as amended on Form 10-K/A on March 18, 2019;
|
|
●
|
our Quarterly Report on Form 10-Q for the quarter ended March
31, 2019, filed with the SEC on May 13, 2019;
|
|
●
|
Definitive Proxy Statement on Schedule 14A, filed on March 18,
2019;
|
|
●
|
Current Reports on Form 8-K, filed on March 18, 2019, April
4, 2019, April 19, 2019, April 22, 2019, April 23, 2019, May 8, 2019, May 13, 2019, May 17, 2019, May 23, 2019, May 30, 2019,
June 3, 20019, and June 13, 2019 (other than any portions thereof deemed furnished and not filed); and
|
|
●
|
the description of our common stock contained in the Registrant’s
registration statement on Form 8-A filed with the SEC on July 23, 2013.
|
In
addition, all documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act
of 1934, as amended, prior to the termination of the offering (excluding any information furnished rather than filed) shall be
deemed to be incorporated by reference into this prospectus.
Notwithstanding
the statements in the preceding paragraphs, no document, report or exhibit (or portion of any of the foregoing) or any other information
that we have “furnished “ to the SEC pursuant to the Securities Exchange Act of 1934, as amended shall be incorporated
by reference into this prospectus.
We
will furnish without charge to you, on written or oral request, a copy of any or all of the documents incorporated by reference
in this prospectus, including exhibits to these documents. You should direct any requests for documents to:
Tonix Pharmaceuticals
Holding Corp.
509 Madison
Avenue, Suite 1608
New York,
New York 10022
Attention:
Investor Relations
Telephone
(212) 980-9155
You
also may access these filings on our website at http://www.tonixpharma.com. We do not incorporate the information on our website
into this prospectus or any supplement to this prospectus and you should not consider any information on, or that can be accessed
through, our website as part of this prospectus or any supplement to this prospectus (other than those filings with the SEC that
we specifically incorporate by reference into this prospectus or any supplement to this prospectus).
Any
statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed modified,
superseded or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus modifies, supersedes
or replaces such statement.
5,100,000
shares of
Common
Stock
PROSPECTUS
,
2019
Aegis
Capital Corp.
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution
The following
table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in connection
with the sale of common stock being registered. All amounts are estimates except for the SEC registration fee, the Financial Industry
Regulatory Authority, or FINRA, filing fee and NASDAQ additional listing fee.
Item
|
|
Amount to be
paid
|
|
SEC registration fee
|
|
$
|
839
|
|
FINRA filing fee
|
|
|
2,300
|
|
Printing and engraving expenses
|
|
|
10,000
|
|
Legal fees and expenses
|
|
|
125,000
|
|
Accounting fees and expenses
|
|
|
40,000
|
|
Underwriter’s expenses
|
|
|
125,000
|
|
Miscellaneous fees and
expenses
|
|
|
6,861
|
|
Total
|
|
$
|
310,000
|
|
Item
14. Indemnification of Directors and Officers
Nevada
Revised Statutes (“NRS”) 78.7502(1) provides that a corporation may indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that the person
is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as
a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against
expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by
the person in connection with the action, suit or proceeding if the person (i) is not liable pursuant to NRS 78.138 or (ii) acted
in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. NRS 78.7502(2)
provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the
fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise against expenses, including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by
the person in connection with the defense or settlement of the action or suit if the person (a) is not liable pursuant to NRS
78.138 or (ii) acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests
of the corporation. To the extent that a director, officer, employee or agent of a corporation has been successful on the merits
or otherwise in defense of any such action, suit or proceeding, or in defense of any claim, issue or matter therein, the corporation
shall indemnify him or her against expenses, including attorneys’ fees, actually and reasonably incurred by him or her in
connection with the defense. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon
a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the person is liable pursuant to NRS
78.138 or did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests
of the corporation, or that, with respect to any criminal action or proceeding, he or she had reasonable cause to believe that
the conduct was unlawful. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged
by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts
paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or
other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person
is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
NRS
78.751(1) provides that any discretionary indemnification pursuant to NRS 78.7502 (unless ordered by a court or advanced pursuant
to NRS 78.751(2)), may be made by the corporation only as authorized in the specific case upon a determination that indemnification
of the director, officer, employee or agent is proper in the circumstances. The determination must be made (i) by the stockholders;
(ii) by the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or
proceeding; (iii) if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding
so orders, by independent legal counsel in a written opinion; or (iv) if a quorum consisting of directors who were not parties
to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion. NRS 78.751(2) provides
that the corporation’s articles of incorporation or bylaws, or an agreement made by the corporation, may provide that the
expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation
as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking
by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction
that the director or officer is not entitled to be indemnified by the corporation.
Our
articles of incorporation provide that our directors or officers shall not be personally liable to us or our stockholders for
monetary damages for breach of such director’s or officer’s fiduciary duty, except for liability (i) for any breach
of the duty of loyalty to our company or our stockholders, (ii) for acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, or (iii) for any transaction from which the officer or director derived any improper
personal benefit. Our articles of incorporation and our amended and restated bylaws provide for the indemnification of any of
our directors and officers who was or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was
a director or officer of the our company, against expenses (including attorneys’ fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, subject to certain
express limitations and conditions. We believe that these provisions in our articles of incorporation bylaws, as amended, are
necessary to attract and retain qualified persons as directors and officers.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
Item
15. Recent Sales of Unregistered Securities
In
the three years preceding the filing of this registration statement, the Registrant has issued the following securities that were
not registered under the Securities Act:
On
April 10, 2017, we issued 225 shares of common stock to one investor upon the exercise of warrants issued October 26, 2016 for
proceeds of $14,175.
On
May 31, 2017, we issued 75 shares of common stock to a non-employee director in settlement for restricted stock units that vested
in May 2017.
On
June 1, 2017, we issued 75 shares of common stock to a non-employee director in settlement for restricted stock units that vested
in May 2017.
On
June 5, 2017, we issued 113 shares of common stock to a non-employee director in settlement for restricted stock units that vested
in May 2017.
On
June 6, 2017, we issued 75 shares of common stock to a non-employee director in settlement for restricted stock units that vested
in May 2017.
On
June 20, 2017, we issued 75 shares of common stock to a non-employee director in settlement for restricted stock units that vested
in May 2017.
On
July 11, 2017, we issued 75 shares of common stock to a non-employee director in settlement for restricted stock units that vested
in May 2017.
On
September 28, 2017, we issued 7,304 shares of common stock, at a price per share of $41.10, to Lincoln Park Capital Fund, LLC
pursuant to that certain Purchase Agreement dated September 28, 2017.
On
October 18, 2018, we issued 35,000 commitment shares to Lincoln Park as a fee for its commitment to purchase shares of our common
stock pursuant to that certain Purchase Agreement dated October 18, 2018.
Unless
otherwise noted, all of the transactions described in Item 15 were exempt from registration under the Securities Act pursuant
to Section 4(a)(2) of the Securities Act in that such sales did not involve a public offering, under Rule 701 promulgated under
the Securities Act, in that they were offered and sold either pursuant to written compensatory plans or pursuant to a written
contract relating to compensation, as provided by Rule 701, or under Rule 506 of Regulation D promulgated under the Securities
Act.
Item
16. Exhibits and financial statement schedules
The
exhibits to the registration statement are listed in the Exhibit Index to this registration statement and are incorporated herein
by reference.
Item
17. Undertakings
(a)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933,
each filing of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act
of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(b)
The undersigned registrant hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the
prospectus is sent or given, the latest annual report to security holders that is incorporated by reference in the prospectus
and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934;
and where interim financial information required to be presented by Article 3 of Regulation S-X are not set forth in the prospectus,
to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that
is specifically incorporated by reference in the prospectus to provide such interim financial information.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that
in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.
(d)
The undersigned Registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective.
(2)
For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form
of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.
EXHIBIT
INDEX
Exhibit No.
|
|
Description
|
|
|
|
1.01*
|
|
Form of Underwriting Agreement
|
|
|
|
3.01
|
|
Articles of Incorporation, filed as an exhibit to the Registration
Statement on Form S-1, filed with the Securities and Exchange Commission (the “Commission”) on April 9, 2008 and
incorporated herein by reference.
|
|
|
|
3.02
|
|
Articles of Merger between Tamandare Explorations Inc. and Tonix
Pharmaceuticals Holding Corp., effective October 11, 2011, filed as an exhibit to the Current Report on Form 8-K, filed with
the Commission on October 17, 2011 and incorporated herein by reference.
|
|
|
|
3.03
|
|
Third Amended and Restated Bylaws, filed as an exhibit to the
Current Report on Form 8-K, filed with the Commission on June 3, 2016 and incorporated herein by reference.
|
|
|
|
3.04
|
|
Certificate of Change of Tonix Pharmaceuticals Holding Corp.,
dated March 13, 2017 and effective March 17, 2017, filed as an exhibit to the Current Report on Form 8-K, filed with the Commission
on March 16, 2017 and incorporated herein by reference.
|
|
|
|
3.05
|
|
Certificate of Amendment to Articles of Incorporation, effective
June 16, 2017, filed as an exhibit to the Current report on Form 8-K, filed with the Commission on June 16, 2017 and incorporated
herein by reference.
|
|
|
|
3.06
|
|
Specimen Common Stock Certificate, filed as an exhibit to the
Current Report on Form 8-K, filed with the Commission on May 24, 2018 and incorporated herein by reference.
|
|
|
|
3.07
|
|
Certificate of Amendment to Tonix Pharmaceuticals Holding Corp.’s
Articles of Incorporation, as amended, filed with the Secretary of State of the State of Nevada on May 3, 2019, filed as an
exhibit to the Registration Statement on Form S-8, filed with the Commission on June 13, 2019 and incorporated herein by reference.
|
|
|
|
4.01
|
|
Specimen Common Stock Certificate of the Registrant, filed as
an exhibit to the Current Report on Form 8-K, filed with the Commission on May 24, 2018 and incorporated herein by reference.
|
|
|
|
5.01*
|
|
Opinion of Brownstein Hyatt Farber Schreck, LLP.
|
|
|
|
10.01
|
|
Lease Agreement, dated as of September 28, 2010, by and between
509 Madison Avenue Associates, L.P. and Tonix Pharmaceuticals, Inc., filed as an exhibit to the amended Current Report on
Form 8-K/A, filed with the Commission on February 3, 2012 and incorporated herein by reference.
|
|
|
|
10.02
|
|
Tonix Pharmaceuticals Holding Corp. 2012 Amended and Restated
Incentive Stock Option Plan, incorporated herein by reference to Appendix B to our Definitive Proxy Statement on Schedule
14A (File No. 000-54879), filed with the Commission on April 3, 2013.
|
|
|
|
10.03
**
|
|
Employment Agreement, between Tonix Pharmaceuticals Holding
Corp. and Seth Lederman, dated February 11, 2014, filed as an exhibit to the Current Report on Form 8-K filed with the Commission
on February 14, 2014 and incorporated herein by reference.
|
|
|
|
10.04
|
|
Tonix Pharmaceuticals Holding Corp. 2014 Stock Incentive Plan,
incorporated herein by reference to Annex A to our Definitive Proxy Statement on Schedule 14A (File No. 001-36019), filed
with the Commission on May 2, 2014.
|
|
|
|
10.05
|
|
Lease Amendment and Expansion Agreement, dated February 11,
2014, by and between 509 Madison Avenue Associates, L.P. and Tonix Pharmaceuticals, Inc., filed as an exhibit to the Annual
Report on Form 10-K filed with the Commission on February 27, 2015 and incorporated herein by reference.
|
10.06**
|
|
Employment Agreement, between
Tonix Pharmaceuticals Holding Corp. and Gregory Sullivan, dated June 3, 2014, filed as an exhibit to the Current Report on
Form 8-K filed with the Commission on June 3, 2014 and incorporated herein by reference.
|
|
|
|
10.07
|
|
Tonix Pharmaceuticals Holding Corp. 2016
Stock Incentive Plan, incorporated herein by reference to Annex A to our Definitive Proxy Statement on Schedule 14A (File
No. 001-36019), filed with the Commission on March 25, 2016.
|
|
|
|
10.08
|
|
Tonix Pharmaceuticals Holding Corp. 2017
Stock Incentive Plan, incorporated herein by reference to Appendix A to our Definitive Proxy Statement on Schedule 14A (File
No. 001-36019), filed with the Commission on May 2, 2017.
|
|
|
|
10.09
|
|
Sales Agreement, dated August 1, 2017, by and between Tonix
Pharmaceuticals Holding Corp. and Cowen and Company, LLC, filed as an exhibit to the Current Report on Form 8-K filed with
the Commission on August 1, 2017 and incorporated herein by reference.
|
|
|
|
10.10
|
|
Registration Rights Agreement, dated September 28, 2017, between
Tonix Pharmaceuticals Holding Corp. and Lincoln Park Capital Fund, LLC, filed as an exhibit to the Current Report on Form
8-K filed with the Commission on September 29, 2017 and incorporated herein by reference.
|
|
|
|
10.11
|
|
Purchase Agreement, dated September 28, 2017, between Tonix
Pharmaceuticals Holding Corp. and Lincoln Park Capital Fund, LLC, filed as an exhibit to the Current Report on Form 8-K filed
with the Commission on September 29, 2017 and incorporated herein by reference.
|
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10.12
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Sales Agreement, dated May 1, 2018, by and between Tonix Pharmaceuticals
Holding Corp. and Cowen and Company, LLC, filed with the Commission on May 24, 2018 and incorporated herein by reference.
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10.13
|
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Tonix Pharmaceuticals Holding Corp. 2019 Stock Incentive
Plan, incorporated herein by reference to Annex A to our Definitive Proxy Statement on Schedule 14A, filed with the Commission
on March 18, 2019.
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10.14
|
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Tonix Pharmaceuticals Holding Corp. 2019 Employee Stock Purchase
Plan, incorporated herein by reference to Annex B to our Definitive Proxy Statement on Schedule 14A, filed with the Commission
on March 18, 2019.
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|
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10.15
|
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Purchase Agreement, dated October 18, 2018, between Tonix Pharmaceuticals
Holding Corp. and Lincoln Park Capital Fund, LLC, filed as an exhibit to the Current Report on Form 8-K filed with the Commission
on October 24, 2018 and incorporated herein by reference.
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10.16
|
|
Registration Rights Agreement, dated October 18, 2018, between
Tonix Pharmaceuticals Holding Corp. and Lincoln Park Capital Fund, LLC, filed as an exhibit to the Current Report on Form
8-K filed with the Commission on October 24, 2018 and incorporated herein by reference.
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10.17
|
|
Second Amendment of Lease and Assignment of Lease (this “Amendment”)
made as of December 6, 2018, by and between 509 Madison Avenue Associates, LP, and Tonix Pharmaceuticals, Inc., filed as an
exhibit to the Current Report on Form 10-K filed with the Commission on March 18, 2019 and incorporated herein by reference.
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10.18
|
|
Underwriting Agreement, dated December 7, 2018, by and between
Tonix Pharmaceuticals Holding Corp. and A.G.P./Alliance Global Partners, filed as an exhibit to the Current Report on Form
8-K, filed with the Commission on December 11, 2018 and incorporated herein by reference.
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10.19
|
|
Form of Warrant, dated December 11, 2018, filed as an exhibit
to the Current Report on Form 8-K, filed with the Commission on December 11, 2018 and incorporated herein by reference.
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21.01
|
|
List of Subsidiaries, filed as an exhibit to the Annual Report
on Form 10-K for the year ended December 31, 2018, filed with the Commission on March 18, 2019 and incorporated herein by
reference.
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23.01*
|
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Consent of EisnerAmper LLP.
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23.02*
|
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Consent of Brownstein Hyatt Farber Schreck, LLP
(included in Exhibit 5.01).
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* Filed
herewith.
** Management
contract or compensatory plan or arrangement.
Signatures
Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement on Form
S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on July
15, 2019.
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TONIX PHARMACEUTICALS HOLDING CORP.
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By:
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/s/ Seth Lederman
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Seth Lederman
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|
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President and Chief Executive Officer
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Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-1 has been signed by the
following persons in the capacities and on the dates indicated.
Person
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Capacity
|
|
Date
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/s/ Seth Lederman
|
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Chief Executive Officer and Director
|
|
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Seth Lederman
|
|
(Principal Executive Officer)
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|
July 15, 2019
|
|
|
|
|
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/s/ Bradley
Saenger
|
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Chief Financial Officer
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Bradley Saenger
|
|
(Principal Financial and Accounting Officer)
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|
July 15, 2019
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*
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Margaret Smith Bell
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Director
|
|
July 15, 2019
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|
|
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|
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*
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|
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Daniel Goodman
|
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Director
|
|
July 15, 2019
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|
|
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|
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*
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|
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Patrick Grace
|
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Director
|
|
July 15, 2019
|
|
|
|
|
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*
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|
|
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David Grange
|
|
Director
|
|
July 15, 2019
|
|
|
|
|
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*
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|
|
|
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Adeoye Olukotun
|
|
Director
|
|
July 15, 2019
|
|
|
|
|
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*
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|
|
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John Rhodes
|
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Director
|
|
July 15, 2019
|
|
|
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|
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*
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James Treco
|
|
Director
|
|
July 15, 2019
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* Pursuant to the Power of Attorney contained on the signature page to the Registration Statement, as initially filed on June
19, 2019.
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