Tonix Pharmaceuticals Shares Down 20%, Company Plans Another Reverse Stock Split

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Tonix Pharmaceuticals Shares Down 20%, Company Plans Another Reverse Stock Split

Dow Jones2023-05-10

By Josh Beckerman

Shares of Tonix Pharmaceuticals Holding fell 20% to 41 cents on Tuesday after the company said it would conduct its second reverse stock split in less than a year.

The shares approaching their 52-week low of 29 cents and have fallen 90% in the last 12 months.

The biopharmaceutical company said a 1-for-6.25 reverse split will be effective for trading purposes on Wednesday. The move is intended to increase the per-share trading price to meet Nasdaq's $1 minimum bid price requirement.

The company completed a 1-for-32 reverse split effective on May 17, 2022.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 09, 2023 13:43 ET (17:43 GMT)

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Aidukas
·2023-05-10
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