Tenax Therapeutics, Inc. (TENX), a specialty pharmaceutical company, Thursday announced the pricing of the offering of 1.6 million shares and warrants to purchase up to 3.2 million shares at $5.65 per share, to raise around $9.04 million.
Following the announcement, Tenax's stock fell 63.88 percent, to $5.15 over the previous close of $14.26 on a volume of 1,441,883. It had traded between $5.12 and $108.8 in the last 52-week period on the Nasdaq.
The company said that proceeds from the offering would be used for the development and treatment of patients in its phase 3 trial of oral levosimendan and other general purposes.
The offering will close on or about February 12.
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