Form 8-K - Current report
May 24 2024 - 4:36PM
Edgar (US Regulatory)
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Protagenic Therapeutics, Inc.new
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2024-05-22
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2024-05-22
2024-05-22
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2024-05-22
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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): May 22, 2024
PROTAGENIC
THERAPEUTICS, INC.
(Exact
name of Company as specified in its charter)
Delaware |
|
001-12555 |
|
06-1390025 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
149
Fifth Avenue, Suite 500, New York, NY |
|
10010 |
(Address
of principal executive offices) |
|
(Zip
Code) |
212-994-8200
(Company’s
telephone number, including area code)
(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 Company under any
of the following provisions:
☐ |
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 Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
|
|
|
|
|
Protagenic
Therapeutics, Inc. Common Stock |
|
PTIX |
|
Nasdaq |
Protagenic
Therapeutics, Inc. Common Stock Warrants |
|
PTIXW |
|
Nasdaq |
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
Wednesday, May 22, 2024, Protagenic Therapeutics, Inc. (“the Company”) received a deficiency letter (the “Notification
Letter”) from the Nasdaq Listing Qualifications (“Nasdaq”) stating that it is not in compliance with the minimum stockholders’
equity requirement set forth in Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule
5550(b)(1) requires that companies listed on The Nasdaq Capital Market with a market value of listed securities of less than $35,000,000
and annual net income of less than $500,000 maintain stockholders’ equity of at least $2,500,000 (the “Stockholders’
Equity Requirement”). Based on the information provided in the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2024, the Company no longer meets the Stockholders’ Equity Requirement.
The Notification Letter has no immediate effect
on the listing or trading of the Company’s common stock on the Nasdaq Capital Market and, at this time, the common stock will continue
to trade on the Nasdaq Capital Market under the symbol “PTIX”.
The
Notification Letter states that the Company has 45 calendar days, or until July 8, 2024, to submit a plan to regain compliance with the
Stockholders’ Equity Requirement (the “Compliance Plan”). If the Compliance Plan is determined to be acceptable to
Nasdaq, Nasdaq would have the discretion to grant the Company an extension of 180 calendar days from the date of the Notification Letter
to regain compliance with the Stockholders’ Equity Requirement.
The
Company is working on addressing this issue through multiple mechanisms, including potential collaborations and various capital raising
avenues, and anticipates submitting a plan to regain compliance within the given timeframe.
There can be no assurance that the Compliance Plan will be accepted
or that, if it is, the Company will be able to regain compliance. If Nasdaq does not accept the Compliance Plan, Nasdaq will provide
written notification to the Company that the Compliance Plan has been rejected and that the Company’s common stock is subject to
delisting. At that time, the Company may appeal Nasdaq’s determination to a Nasdaq Hearing Panel.
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.
|
PROTAGENIC
THERAPEUTICS, INC. |
|
|
|
Date:
May 24, 2024 |
By: |
/s/
Alexander K. Arrow |
|
Name: |
Alexander
K. Arrow |
|
Title: |
Chief
Financial Officer |
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May 22, 2024 |
Document Type |
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Document Period End Date |
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|
Entity File Number |
001-12555
|
Entity Registrant Name |
Protagenic Therapeutics, Inc.new
|
Entity Central Index Key |
0001022899
|
Entity Tax Identification Number |
06-1390025
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
149
Fifth Avenue
|
Entity Address, Address Line Two |
Suite 500
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10010
|
City Area Code |
212
|
Local Phone Number |
994-8200
|
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Protagenic Therapeutics, Inc. Common Stock |
|
Title of 12(b) Security |
Protagenic
Therapeutics, Inc. Common Stock
|
Trading Symbol |
PTIX
|
Security Exchange Name |
NASDAQ
|
Protagenic Therapeutics, Inc. Common Stock Warrants |
|
Title of 12(b) Security |
Protagenic
Therapeutics, Inc. Common Stock Warrants
|
Trading Symbol |
PTIXW
|
Security Exchange Name |
NASDAQ
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