In a significant corporate update, PaxMedica (NASDAQ: PXMD) today filed an 8-K with the Securities and Exchange Commission, disclosing its successful compliance with Nasdaq’s minimum equity requirements.
Journey Towards Compliance
PaxMedica’s compliance journey began on December 6, 2022, when Nasdaq noted its inability to meet the Minimum Market Value of Listed Securities Requirement of $35 million over 30 days. PaxMedica faced potential delisting in June 2023 but successfully appealed and, after a Nasdaq Hearings Panel review, received an exception to remain listed, subject to meeting specific financial criteria.
Achieving and Announcing Compliance
With the recent notification from Nasdaq, PaxMedica has now met the compliance criteria as outlined in Nasdaq Listing Rule 5550(b)(1). This rule stipulates that a company must either report net income from continuing operations of $750,000 in the last fiscal year or two of the last three fiscal years, or maintain stockholders’ equity of at least $2.5 million. The 8-K filing today is a formal acknowledgment of this significant milestone.
Looking Forward
This development marks a new phase for PaxMedica, enabling it to focus on its business objectives while remaining a listed entity on The Nasdaq Capital Market. The company’s successful navigation of Nasdaq’s compliance requirements demonstrates its financial robustness and commitment to maintaining high governance standards. PaxMedica is now poised to continue its growth trajectory and enhance shareholder value.
To view the 8-K, visit https://ibn.fm/Xs6al
About PaxMedica Inc.
PaxMedica is a forward-looking, clinical-stage biopharmaceutical firm specializing in cutting-edge, anti-purinergic drug therapies (“APT”) aimed at addressing a range of challenging neurologic disorders. The company’s comprehensive portfolio encompasses a spectrum of conditions, including neurodevelopmental disorders such as autism spectrum disorder (“ASD”) as well as other critical areas within the neurology field. PaxMedica is dedicated to the continuous development and evaluation of its pioneering program, PAX-101, an intravenous suramin formulation that lies at the heart of the company’s efforts, particularly focused on innovative ASD treatment solutions. The company’s ongoing research initiatives not only prioritize the needs of ASD patients but also extend to exploring potential therapeutic applications for related conditions. For more information about the company, visit www.PaxMedica.com.
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