10:36 AM EDT, 07/09/2024 (MT Newswires) -- Tonix Pharmaceuticals ( TNXP ) said Tuesday it priced its public offering of roughly 7.1 million common shares, or pre-funded warrants in lieu thereof, at $0.57 apiece for gross proceeds of about $4 million.

The company said it expects to close the offering on or about Wednesday.

Net proceeds from the offering will be used for working capital and general corporate purposes, including payment of debt and preparation of the new drug application for Tonmya in patients with fibromyalgia, the company said.

Shares of the company plunged 15% in recent trading.

Price: 0.61, Change: -0.11, Percent Change: -15.01