Full Press Release Details
PHARMACEUTICALS HOLDING CORP. 8-K
Pharmaceuticals Announces 1-for-32 Reverse Stock Split
N.J., June 6, 2024 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), fully-integrated biopharmaceutical
company with marketed products and a pipeline of development candidates, today announced that it will effect a 1-for-32 reverse stock
split of its outstanding common stock. The reverse stock split will be effective for trading purposes as of the commencement of trading
reverse stock split is intended to increase the per share trading price of Tonix's common stock to satisfy the $1.00 minimum bid
price requirement for continued listing on The NASDAQ Capital Market (Rule 5550(a)(1)). Tonix's common stock will continue to trade
on the NASDAQ Capital Market under the symbol "TNXP" and under a new CUSIP number, 890260 847. As a result of the reverse
stock split, every thirty-two pre-split shares of common stock outstanding will become one share of common stock. The reverse split will
also apply to common stock issuable upon the exercise of Tonix's outstanding warrants and stock options. The reverse stock split
will not proportionately reduce the number of shares of authorized common stock, as permitted under Nevada law, as shareholder approval
for the reverse stock split was obtained on May 22, 2024.
transfer agent, VStock Transfer LLC, which is also acting as the exchange agent for the reverse split, will provide instructions to shareholders
regarding the process for exchanging share certificates. Any fractional shares of common stock resulting from the reverse stock split
will be rounded up to the nearest whole post-split share and no shareholders will receive cash in lieu of fractional shares.
Pharmaceuticals Holding Corp.*
is a fully-integrated biopharmaceutical company focused on developing, licensing and commercializing therapeutics to treat and prevent
human disease and alleviate suffering. Tonix's development portfolio is focused on central nervous system (CNS) disorders. Tonix's
priority is to submit a New Drug Application (NDA) to the FDA in the second half of 2024 for Tonmya, a product candidate for which two
positive Phase 3 studies have been completed for the management of fibromyalgia. TNX-102 SL is also being developed to treat acute stress
reaction as well as fibromyalgia-type Long COVID. Tonix's CNS portfolio includes TNX-1300 (cocaine esterase) a biologic designed
to treat cocaine intoxication with Breakthrough Therapy designation. Tonix's immunology development portfolio consists of biologics
to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting
CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases.
Tonix also has product candidates in development in the areas of rare disease and infectious disease. Tonix Medicines, our commercial
subsidiary, markets Zembrace SymTouch (sumatriptan injection) 3 mg and Tosymra (sumatriptan nasal spray) 10 mg for the
treatment of acute migraine with or without aura in adults.
product development candidates are investigational new drugs or biologics and have not been approved for any indication.
SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.
press release and further information about Tonix can be found at www.tonixpharma.com.
statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These
statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast,"
"estimate," "expect," and "intend," among others. These forward-looking statements are based on Tonix's
current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the
failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the failure to successfully market
any of our products; risks related to the timing and progress of clinical development of our product candidates; our need for additional
financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited
research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development,
there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an
obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on
Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the "SEC") on April
1, 2024, and periodic reports filed with the SEC on or after the date thereof. All of Tonix's forward-looking statements are expressly
qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.