May. 19 at 8:30 PM
$TNXP Read Me Part #1 - - COMPANY (Tonix) is effectively the “seller” via financings/ATM, not the CEO personally. That’s a very different (and very common) microcap-biotech dynamic.
Below is the clean way to think about it and, importantly, how to prove it from filings and why you can’t truly “see Tonix” on Level 2.
1) When “the company is selling stock,” what’s actually happening?
✅ The most common mechanism is an ATM program (At‑The‑Market offering) - Tonix has had an ATM in place with A.G.P./Alliance Global Partners as the sales agent. [publicnow.com], [sec.gov]
The company can instruct the agent to sell shares “from time to time” into the open market. [publicnow.com], [sec.gov]
Tonix amended that program to increase capacity from
$150M to
$400M (date referenced: Nov 21, 2025). [stocktitan.net], [sec.gov]
