Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) (Tonix or the Company), a clinical-stage biopharmaceutical company, announced today the pricing of an underwritten public offering with expected total gross proceeds of $7.5 million before deducting underwriting discounts, commissions and other offering expenses payable by the Company.
The securities offered by the Company consist of (i) 3,837,000 Class A Units, each Class A Unit consisting of one share of common stock, par value $0.001 per share (the “Common Stock”) and one Warrant (the “Warrants”) to purchase one share of common stock at a price of $0.57 per Class A Unit and (ii) 5,313 Class B Units, each consisting of one share of Series B Preferred Stock (the “Preferred Stock”) with a stated value of $1,000 per share and convertible into 1,754.386 shares of common stock together with Warrants to purchase 1,754.386 shares of common stock at a combined price of $1,000 per Class B Unit. The aggregate number of shares of Common Stock to be issued pursuant to the Class A Units and issuable upon conversion of all of the Series B Convertible Preferred Stock is 13,158,052. The aggregate number of Warrants to be issued in the offering is 13,158,052. The Warrants will have an exercise price of $0.57 per share, will be immediately exercisable and will expire five years from the date of issuance. The offering is expected to close on February 11, 2020, subject to customary closing conditions.
A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.