Lipella Pharmaceuticals Inc. filed SEC Form 8-K: Other Events
UNITED STATES
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| Item 8.01 | Other Events. |
As previously disclosed in a Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on January 13, 2025 , Lipella Pharmaceuticals Inc. (the “Company”) received a decision (the “January Letter”) from the Nasdaq Hearings Panel (the “Panel”) of The Nasdaq Stock Market LLC (“Nasdaq”) on January 10, 2025 granting the Company’s request for continued listing on the Nasdaq Capital Market, subject to the Company demonstrating compliance with Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Requirement”), including the achievement of interim milestones.
As previously disclosed in Current Reports on Form 8-K filed by the Company with the SEC on December 30, 2024, January 6, 2025, March 3, 2025, March 11, 2025 and March 18, 2025, the Company sold and issued over multiple closings in a private placement offering (the “Offering”) to certain investors an aggregate of 72,000 shares of the Company’s Series B non-voting convertible preferred stock, par value $0.0001 per share (the “Series B Preferred Stock”), with Spartan Capital Securities, LLC providing placement agent and consulting services in connection therewith. The final closing of the Offering occurred on March 12, 2025. The Company received aggregate net proceeds of approximately $5.9 million in connection with the Offering, after deducting placement agent fees and expenses.
As previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on March 18, 2025, the Company issued and sold in a subsequent private placement offering that occurred on March 17, 2025 (the “Subsequent Offering”) warrants to purchase up to 72,000 shares of Series B Preferred Stock (the “Warrants”) to the same investors who participated in the Offering. The Warrants are exercisable for nine months for the purchase of shares of Series B Preferred Stock at $100 per share. The Company received aggregate gross proceeds of $9,000 in connection with the sale of the Warrants in the Subsequent Offering.
The Company reported total stockholders’ equity of approximately $1.9 million as of December 31, 2024 in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 27, 2025. After giving effect to the Offering and the Subsequent Offering, and taking into account anticipated losses through the date of this Current Report on Form 8-K (this “Form 8-K”), the Company believes that it regained compliance with the Stockholders’ Equity Requirement and that as of the date of this Form 8-K it remains in compliance with the Stockholders’ Equity Requirement.
Cautionary Statement Regarding Forward-Looking Statements
This Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s future activities, or future events or conditions, including, but not limited to those related to compliance with the Stockholders’ Equity Requirement, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are not historical facts and are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, many of which are beyond the Company’s control, including risks related to the Company’s ability to maintain compliance with the Stockholders’ Equity Requirement and all other Nasdaq continued listing standards, the Company’s current liquidity position and the need to obtain additional financing to support ongoing operations, and other risks that may be included in the periodic reports and other filings that the Company files from time to time with the SEC. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements. Any forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 8-K, except as required by applicable law.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 14, 2025 | Lipella Pharmaceuticals Inc. | ||
| By: | /s/ Jonathan Kaufman | ||
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Name: Jonathan Kaufman Title: Chief Executive Officer |
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