PaxMedica Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
On June 10, 2024, The Nasdaq Stock Market LLC (“Nasdaq”) notified PaxMedica, Inc. (the “Company”) that the Nasdaq staff has determined that the Company no longer complies with the minimum $2,500,000 in stockholders’ equity for continued listing.
The Nasdaq staff reached its decision due to Form 10-Q for the period ended March 31, 2024 reported stockholders’ equity of $1,190,008, and as of June 10, 2024, the Company does not meet the alternatives of market value of listed securities or net income from continuing operations. As previously reported, the Nasdaq Hearings Panel determined to delist the Company’s common stock and trading of the Company’s securities was suspended on the open of trading on May 2, 2024. The Company has requested that the Nasdaq Listing and Hearing Review Council (the “Council”) review this decision, the outcome of which is still pending.
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.
| PaxMedica, Inc. | ||
| By: | /s/ Howard J. Weisman | |
| Names: Howard J. Weisman | ||
| Title: Chief Executive Officer | ||
Date: June 14, 2024