Protagenic Therapeutics, Inc. (NASDAQ:PTIX), a pharmaceutical company, is currently on the brink of being delisted from the Nasdaq stock exchange for failing to meet the minimum stockholders' equity requirement. The company received a notice from Nasdaq on May 22, 2024, indicating that it did not comply with the $2.5 million equity threshold outlined in Nasdaq Listing Rule 5550(b)(1).
The company was initially given until July 8, 2024, to submit a plan to regain compliance. After submitting the plan, Nasdaq granted Protagenic Therapeutics an extension. Despite efforts made during this period, the company was unable to raise its stockholders' equity above the required level by November 18, 2024. As a result, on November 19, 2024, Nasdaq issued a determination letter notifying the company of its non-compliance with the extension's terms.
In response, Protagenic Therapeutics appealed the determination and requested a hearing before the Nasdaq Hearings Panel. The hearing, which could potentially allow the company more time to comply, is set for January 30, 2025. Nasdaq has agreed to stay the delisting process pending the outcome of the hearing. The deadline for the company to submit materials to support its case is January 10, 2025.
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