PAVmed Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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Item 8.01. Other Events.
On February 14, 2025, PAVmed Inc. (the “Company”) received a notification letter from the Listing Qualifications department of The Nasdaq Stock Market LLC (“Nasdaq”), stating that the Company had regained compliance with the Nasdaq continued listing standard under Nasdaq Listing Rule 5550(b)(1), which requires, among other things, that the Company maintain at least $2.5 million in stockholders’ equity.
As previously disclosed, on March 7, 2024, the Company received a notice from the Nasdaq Listing Qualifications Department stating that, for the prior 30 consecutive business days (through March 6, 2024), the market value of the Company’s listed securities had been below the minimum of $35 million required for continued inclusion on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2). The Company did not regain compliance with the rule during the time period originally allotted under Nasdaq rules. Accordingly, the Company timely requested a hearing before a Nasdaq Hearings Panel (the “Panel”), which took place on October 29, 2024. On November 8, 2024, the Panel granted the Company an extension, until January 31, 2025, to regain compliance with the Nasdaq continued listing standards under Nasdaq Listing Rule 5550(b)(1), in lieu of Nasdaq Listing Rule 5550(b)(2).
The Company achieved compliance through (1) the exchange of secured convertible notes with a principal amount outstanding of $22,347,543 for shares of Series C convertible preferred stock, par value $0.001 (the “Series C Preferred Stock”), which was consummated on January 17, 2025, (2) the issuance of shares of Series C Preferred Stock for an aggregate purchase price of $2.653 million, which was consummated on January 24, 2025, and (3) a reduction in operating expenses as a result of the Company’s completed deconsolidation of Lucid Diagnostics Inc. from its balance sheet, each of which transactions was previously disclosed. As a result, the Company met the terms of the Panel’s decision.
The notification letter further stated that, in application of Nasdaq Listing Rule 5815(d)(4)(B), the Company will be subject to a customary Mandatory Panel Monitor for a period of one year from the date of the notification letter (until February 14, 2026). If, within that one-year monitoring period, the Company is again out of compliance with Nasdaq Listing Rule 5550(b)(1), the Company will not be permitted to provide the Nasdaq staff with a plan of compliance with respect to that deficiency and the Nasdaq staff will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the Company be afforded the automatic cure or compliance period that might otherwise apply. Instead, the Nasdaq staff will issue a delisting letter, and the Company will have an opportunity to request a new hearing with the same or a new Panel.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
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.
| Dated: February 18, 2025 | PAVMED INC. | |
| By: | /s/ Dennis McGrath | |
| Dennis McGrath | ||
| President and Chief Financial Officer | ||