12:06 PM EDT, 03/28/2024 (MT Newswires) -- Tonix Pharmaceuticals Holding ( TNXP ) shares fell more than 21% in recent trading Thursday after it priced a $4.4 million direct offering of about 14.7 million shares at $0.30 apiece.

The existing institutional investors participating in the stock sale also received warrants to buy an equal number of shares at $0.33 per share, with the warrants exercisable after six months.

The offering is scheduled to close on or around April 1, Tonix Pharmaceuticals ( TNXP ) said.

The drug maker said, subject to shareholder approval, it will revise the terms of its existing warrants to buy up to 24.8 million shares to lower their exercise price to $0.33 per share and extend their expiration date through April 2029.

The company similarly will reduce the exercise price of its series C and series D warrants to buy up to 69.6 million shares to $0.33 in addition to modifying their expiration dates, also subject to shareholder approval.

Price: 0.26, Change: -0.07, Percent Change: -21.11