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Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) announced the outcomes of its annual shareholder meeting held on Thursday, May 8, 2025. The meeting saw the approval of seven key proposals, with 46.7% of common shares represented by proxy. The company, currently valued at $122 million, faces its next earnings report on May 12, according to InvestingPro data.
During the meeting, shareholders elected eight individuals to the Board of Directors. The results for each nominee showed a majority of votes in favor, with broker non-votes also recorded. The elected directors include Seth Lederman, Richard Bagger, Margaret Smith Bell, David Grange, Adeoye Olukotun, Newcomb Stillwell, Carolyn Taylor, and James Treco. These directors will oversee a company that maintains a strong liquidity position with a current ratio of 6.5x, though InvestingPro analysis indicates the company is rapidly burning through its cash reserves.
Additionally, shareholders ratified the appointment of EisnerAmper LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The approval garnered a significant majority of votes for, with some votes against and abstentions.
A proposal to authorize the Board to effect one or more reverse stock splits within the next year was approved, with the ratio ranging from one-for-two to one-for-two-hundred-and-fifty. The exact ratio and timing will be determined by the Board. This decision comes as the stock has experienced significant volatility, with the share price declining 97% over the past year, though showing a 36% recovery in the last six months.
Furthermore, an amendment to the Company’s Amended and Restated 2020 Stock Incentive Plan was approved, increasing the number of shares available for awards by 1,000,000. Shareholders also approved the 2025 Employee Stock Purchase Plan.
The executive compensation of the Company’s named executive officers received approval, and a three-year frequency for future shareholder advisory votes on executive compensation was set.
The proposals and their detailed descriptions were initially filed with the Securities and Exchange Commission on March 31, 2025. This information is based on a press release statement. Looking ahead, analysts maintain a strong buy consensus for TNXP, with price targets ranging from $50 to $70. For deeper insights into Tonix’s financial health and growth prospects, including 12 additional exclusive ProTips, visit InvestingPro.
In other recent news, Tonix Pharmaceuticals Holding Corp. has announced promising preclinical results for its TNX-801 vaccine, aimed at protecting against mpox and smallpox. The vaccine showed durable six-month protection in animal models and aligns with the World Health Organization’s preferred target product profile for mpox vaccines. Tonix is working with the Kenya Medical (TASE:BLWV) Research Institute to seek regulatory approval for a Phase I clinical study. Additionally, Tonix has launched TONIX ONE, a digital platform designed to enhance migraine management by integrating educational resources, telehealth services, and prescription fulfillment. This platform is part of a collaboration with partners like UpScript Telemedicine and Blink Health. In a separate development, Tonix and Makana Therapeutics have partnered to explore the use of Tonix’s TNX-1500 in xenotransplantation research, aiming to reduce organ rejection. Noble Capital has maintained its Outperform rating on Tonix Pharma, highlighting the FDA’s decision not to require an Advisory Committee Meeting for the approval of Tonmya (TNX-102 SL), which is seen as a positive sign for the drug’s approval process. These recent developments underscore Tonix Pharmaceuticals’ ongoing efforts in advancing its product portfolio and strategic collaborations.
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