Titan Pharmaceuticals Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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| Item 8.01. | Other Events. |
As previously disclosed in the Current Report on Form 8-K filed on April 1, 2025, Titan Pharmaceuticals, Inc. (the “Company”) was notified by the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) on March 26, 2025 that the Company no longer satisfied the minimum $2.5 million stockholders’ equity requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b) (the “Equity Rule”).
As previously disclosed in the Current Report on Form 8-K filed by the Company on April 1, 2025, the Company entered into a Securities Purchase Agreement with Blue Harbour Asset Management L.L.C-FZ (the “Investor”) on March 29, 2025, pursuant to which the Company agreed to issue 100,000 shares of Series B Convertible Preferred Stock, par value $0.001 per share to the Investor at a price of $10.00 per share, for an aggregate purchase price of $1,000,000 (the “Private Placement”). On April 11, 2025, the Company issued a press release announcing that it completed the Private Placement. A copy of the press release is furnished herewith as Exhibit 99.1.
As a result of the Private Placement, and as of the date of this filing, the Company believes it has stockholders’ equity of at least $2.5 million. The Company awaits Nasdaq’s formal confirmation that it has evidenced compliance with the Equity Rule. Furthermore, if deemed compliant, Nasdaq will continue to monitor the Company to ensure its ongoing compliance with the Equity Rule and, if at the time of filing of the Company’s next periodic financial statements that covers the period following the closing of the Private Placement, the Company does not evidence compliance with the Equity Rule, the Company may be subject to delisting from Nasdaq.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated April 11, 2025. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
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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.
| Titan Pharmaceuticals, Inc. | |||
| Dated: April 22, 2025 | By: | /s/ Chay Weei Jye | |
| Name: | Chay Weei Jye | ||
| Title: | Chief Executive Officer | ||
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