Tenax Therapeutics Announces Pricing Of About $9 Mln Offering Of Shares, Warrants; Stock Tanks 63%

(RTTNews) - 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.