Tonix Pharmaceuticals Regains Compliance with Nasdaq Listing Requirements
CHATHAM, N.J. June 26, 2024 - Tonix Pharmaceuticals Holding Corp.(Nasdaq: TNXP), a leading biopharmaceutical company, has recently announced that it has regained compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market.This development reflects Tonix’s commitment to maintaining a strong position in the market while effectively navigating challenges and pursuing growth opportunities.
On June 26, 2024, Tonix received a letter from The Nasdaq Stock Market LLC confirming its compliance with the minimum bid price requirement of $1.00 per share for continued listing.Tonix’s shares had a closing bid price at or above $1.00 per share for a minimum of 10 consecutive business days, satisfying Nasdaq Listing Rule 5550(a)(2).With this announcement, the matter is now considered closed, ensuring Tonix’s continued presence on The Nasdaq Capital Market.
This compliance achievement follows a series of strategic moves by Tonix.The company had previously stated its intent to offer and sell shares of its common stock (or pre-funded warrants) through a proposed public offering.However, this offering is subject to market conditions and there is no guarantee of its completion or the final size and terms of the offering.
Furthermore, Tonix also recently announced a 1-for-32 reverse stock split of its outstanding common stock.This reverse stock split became effective for trading purposes on June 10, 2024.This consolidation move aims to enhance the marketability and trading liquidity of Tonix’s stock, reinforcing the company’s financial stability and potentially attracting increased investor interest.
Tonix Pharmaceuticals is a fully-integrated biopharmaceutical company with both marketed products and a robust pipeline of development candidates.The company focuses on advancing innovative therapies for challenging conditions such as fibromyalgia, Alzheimer’s disease, post-traumatic stress disorder (PTSD), and COVID-19.
Some of Tonix’s notable pipeline candidates include TNX-102 SL for the management of fibromyalgia, currently in Phase 3 development, and TNX-1800, a potential live-virus vaccine for COVID-19 currently in Phase 1 development.Tonix’s dedication to scientific excellence and commitment to addressing unmet medical needs distinguishes it as a valuable player in the pharmaceutical industry.
With the successful regaining of compliance with Nasdaq listing requirements, Tonix Pharmaceuticals Holding Corp (TNXP) demonstrates resilience and the potential for continued growth.Investors and stakeholders can now look forward to the company’s progress as it moves forward with its strategic initiatives and advances its pipeline of innovative therapies.
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