Form 8-K - Current report
August 17 2023 - 4:05PM
Edgar (US Regulatory)
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0001811623
2023-08-16
2023-08-16
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 16, 2023
PaxMedica, Inc.
(Exact name of registrant as specified in its
charter)
Delaware |
001-41475 |
85-0870387 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
303 South Broadway, Suite 125
Tarrytown, NY |
10591 |
(Address of principal executive offices) |
(Zip Code) |
(914) 987-2876
(Registrant’s telephone number, including
area code)
n/a
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.
below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange
on which registered |
Common Stock, par value $0.0001 per share |
|
PXMD |
|
The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On August 16, 2023, PaxMedica,
Inc. (the “Company”) received a decision from the Hearings Panel (the “Panel”) of
The Nasdaq Stock Market LLC (“Nasdaq”) granting the Company’s request for an exception to maintain its
listing on The Nasdaq Capital Market notwithstanding its failure to regain compliance with Nasdaq Listing Rule 5550(b)(2) (the “Minimum
Market Value Requirement”), requiring the Company to maintain a market value of listed securities of a minimum of $35 million.
The Company’s request was granted, subject to the Company demonstrating compliance, on or prior to December 11, 2023, with the alternative
criteria set forth in Nasdaq Listing Rule 5550(b)(1), which requires the Company to maintain stockholders' equity of at least $2.5 million.
As previously disclosed, on June 12, 2023, the
Company received a determination letter (the “Letter”) from the staff (the “Staff”)
of the Listing Qualifications Department of Nasdaq stating that the Company had not regained compliance with the Minimum Market Value
Requirement, during the 180-day grace period previously granted to the Company. The Company was initially notified by the Staff on December
6, 2022 that the Company was not in compliance with the Minimum Market Value Requirement for a period of 30 consecutive business days,
and Nasdaq granted the Company a period of 180 calendar days, or until June 5, 2023, to regain compliance with the Minimum Market Value
Requirement. Following receipt of the Letter, the Company requested a hearing before the Panel to appeal the Staff’s delisting determination,
which resulted in the decision from the Panel described above. The Panel reserves the right to reconsider the terms of the exception granted
based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing
of the Company’s common stock inadvisable or unwarranted. Failure to comply with the terms of the extension will result in delisting
of the Company’s common stock from The Nasdaq Capital Market.
There can be no assurance
that the Company will be successful in meeting the criteria set forth in the decision or that the Company’s common stock will otherwise
remain eligible for continued listing on The Nasdaq Capital Market.
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 |
|
Name: |
Howard J. Weisman |
|
Title: |
Chief Executive Officer |
Date: August 17, 2023
v3.23.2
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Aug. 16, 2023 |
Cover [Abstract] |
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Document Type |
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Document Period End Date |
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Entity File Number |
001-41475
|
Entity Registrant Name |
PaxMedica, Inc.
|
Entity Central Index Key |
0001811623
|
Entity Tax Identification Number |
85-0870387
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
303 South Broadway
|
Entity Address, Address Line Two |
Suite 125
|
Entity Address, City or Town |
Tarrytown
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10591
|
City Area Code |
914
|
Local Phone Number |
987-2876
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Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
Trading Symbol |
PXMD
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Security Exchange Name |
NASDAQ
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