Tonix Pharmaceuticals Announces Pricing of $15 Million Private Placement of Convertible Redeemable Preferred Stock
Each share of Series A and Series B preferred stock is convertible into shares of the Companys common stock at an initial conversion price of $1.00 per share.
- Each share of Series A and Series B preferred stock is convertible into shares of the Companys common stock at an initial conversion price of $1.00 per share.
- Total gross proceeds from the offerings, before deducting discounts, placement agents fees and other estimated offering expenses, is $15 million.
- The Series B preferred stock permits the holder to cast 2,500 votes per share of Series B preferred stock on such proposal, provided, that such votes must be cast in the same proportions as the shares of common stock and Series A preferred stock are voted on that proposal.
- The holders of the Series A and Series B preferred stock agreed not to transfer, offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of their shares of preferred stock until after the special meeting.