Tonix Pharmaceuticals Announces Reverse Stock Split

Tonix Pharmaceuticals Holding Corp., a biopharmaceutical company listed on Nasdaq as TNXP, has announced a significant change to its stock structure. Effective from the start of trading on June 10, 2024, the company will implement a 1-for-32 reverse stock split of its common stock. This move aims to raise the per-share trading price of Tonix’s common stock to meet the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market.

Following the reverse stock split, every thirty-two shares of the company’s pre-split common stock will be consolidated into a single share. The split will also affect common stock issuable upon the exercise of Tonix’s outstanding warrants and stock options. However, the total number of authorized shares of common stock will remain unchanged, a decision supported by shareholder approval obtained on May 22, 2024.

Tonix’s common stock will continue trading under the symbol "TNXP" but will adopt a new CUSIP number: 890260847. The company’s transfer agent, VStock Transfer LLC, will manage the process, providing shareholders with instructions on how to exchange their share certificates. Any fractional shares resulting from the reverse split will be rounded up to the nearest whole share, and no cash payments will be made for fractional shares.

Tonix Pharmaceuticals, headquartered in Chatham, New Jersey, focuses on developing, licensing, and commercializing therapeutics to treat and prevent human diseases, particularly those related to the central nervous system (CNS). One of the company’s priorities is to submit a New Drug Application (NDA) to the FDA later in 2024 for its product candidate Tonmya. This candidate, aimed at managing fibromyalgia, has shown positive results in two Phase 3 studies. Another key product in its CNS portfolio is TNX-102 SL, which is being developed to treat acute stress reactions and fibromyalgia-type Long COVID.

The company also has a promising biologic, TNX-1300, designed to treat cocaine intoxication, which has received Breakthrough Therapy designation. In the field of immunology, Tonix is developing TNX-1500, a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154). This biologic is intended to prevent allograft rejection and treat autoimmune diseases. Additionally, Tonix has development candidates addressing rare diseases and infectious diseases.

Tonix’s commercial subsidiary, Tonix Medicines, markets Zembrace® SymTouch® (sumatriptan injection) and Tosymra® (sumatriptan nasal spray), both used for treating acute migraines in adults.

It is important to note that all product development candidates from Tonix are investigational and have not yet received approval for any indication. The company underscores the significant risks involved in the development, regulatory approval, and commercialization of new pharmaceuticals.

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