Shares of Tonix Pharmaceuticals Holding were trading lower in the after-hours market following news the company is planning to sell shares of its common stock in a public offering.
After the bell, the stock was down 13%, trading at 61 cents. The stock ended Monday’s regular session with a loss of almost 11%, closing at 71 cents. Year to date, the stock has lost over 94%.
The company said it plans to use the offering’s net proceeds for working capital, general corporate purposes, and for preparing a new drug application relating to its Tonmya product candidate in patients with fibromyalgia, as well as to satisfy indebtedness.