05:59 PM EDT, 06/11/2024 (MT Newswires) -- Tonix Pharmaceuticals ( TNXP ) shares fell 30% in after-hours trading after the company announced a common stock offering.

The company said late Tuesday it plans to offer all of the securities in the proposed sale. The size of the offering wasn't disclosed.

Net proceeds will be for working capital and general corporate purposes, including a new drug application for the Tonmya product candidate in patients with fibromyalgia and debt repayment.

Price: 1.50, Change: -0.63, Percent Change: -29.58