Protagenic Therapeutics Receives Delist Determination Letter from Nasdaq

Protagenic Therapeutics, Inc. (NASDAQ: PTIXW) announced in a recent 8-K SEC filing dated November 19, 2024, that the company has received a delist determination letter from the Nasdaq Stock Market. The letter from Nasdaq stated that Protagenic Therapeutics did not meet the terms of the extension granted by Nasdaq.

The situation leading to the delist determination began on May 22, 2024, when Nasdaq notified Protagenic Therapeutics that the company did not comply with the minimum $2,500,000 stockholders’ equity requirement for continued listing as per Nasdaq Listing Rule 5550(b)(1). Subsequently, the company submitted a plan to regain compliance within the specified timeframe. Although Nasdaq granted an extension to Protagenic Therapeutics, the company was unable to meet the requirements by the end of the plan period on November 18, 2024.

As a result of not meeting the compliance terms, trading of Protagenic Therapeutics’ common stock is set to be suspended at the opening of business on November 29, 2024. A Form 25-NSE will then be filed with the Securities and Exchange Commission, leading to the removal of the company’s common stock from listing and registration on the Nasdaq Stock Market.

Protagenic Therapeutics has the option to request a hearing before the Nasdaq Hearings Panel. Such a hearing request is anticipated to temporarily halt the delisting process until the conclusion of the hearing and any extension granted by the Panel.

While there remains a possibility for Protagenic Therapeutics to appeal the Nasdaq’s determination or receive an additional extension period, the company acknowledges that there is no guarantee of the outcome. The uncertainty persists regarding whether Protagenic Therapeutics will be able to regain compliance with all the applicable requirements for continued listing on The Nasdaq Capital Market.

The company’s Chief Financial Officer, Alexander K. Arrow, signed the filing on behalf of Protagenic Therapeutics on November 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Protagenic Therapeutics’s 8K filing here.

About Protagenic Therapeutics

Protagenic Therapeutics, Inc, a biopharmaceutical company, engages in the discovery and development of therapeutics to treat stress-related neuropsychiatric and mood disorders. The company's lead compound comprises PT00114, a synthetic form of teneurin carboxy-terminal associated peptide, an endogenous brain signaling peptide that can dampen overactive stress responses.