$Tonix Pharmaceuticals (TNXP.US)$ Tonix Pharmaceuticals Hold...
$Tonix Pharmaceuticals (TNXP.US)$ Tonix Pharmaceuticals Holding Corp. (Tonix) has announced a Special Meeting of shareholders to be held virtually on October 30, 2024. The meeting will address proposals including a reverse stock split and an amendment to the company's Articles of Incorporation. The reverse stock split proposal, if approved, would authorize the Board to effect a reverse stock split at a ratio between 1:2 and 1:100, at their discretion within one year. Additionally, an amendment proposal seeks to increase the authorized shares of common stock to 1 billion if a reverse stock split is effectuated prior to the meeting. Shareholders of record as of September 12, 2024, are entitled to vote. The proposals aim to comply with Nasdaq's minimum bid price requirement and enhance liquidity and marketability of the stock. The Board may proceed with the reverse stock split even if the stock price meets Nasdaq's requirements, and they reserve the right to abandon the reverse stock split if deemed not in the best interests of shareholders.
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