Why Is Tonix Pharmaceuticals (TNXP) Stock Down 31% Today?

Tonix Pharmaceuticals (NASDAQ:TNXP) stock is falling hard on Monday after the company's shares underwent a reverse stock split this morning. That reverse stock split saw Tonix Pharmaceuticals consolidate 32 shares of TNXP stock into a single share. The company continues to trade shares under the same ticker but now uses 890260847 as its new CUSIP number. Tonix Pharmaceuticals enacted this reverse stock split to boost the price of its shares. It did this to avoid delisting from the NASDAQ Capital Market. Pri ...