Palatin Receives Notice of Non-Compliance from NYSE American
Palatin Technologies, Inc. (NYSE American: PTN) has received a notice of non-compliance from NYSE American regarding continued listing standards. The company does not meet the requirement of having stockholders' equity of $6 million or more, as specified in Section 1003(a)(iii) of the NYSE American Company Guide. This is in addition to previously reported non-compliance with Sections 1003(a)(i) and (ii).
Palatin has submitted a plan to regain compliance by April 10, 2025, which has been accepted by the Exchange. The company can continue its listing during this period, subject to periodic reviews. Palatin is exploring multiple funding avenues to achieve compliance. The notice does not immediately affect the listing or trading of Palatin's common stock, nor does it impact the company's business operations or SEC reporting requirements.
Palatin Technologies, Inc. (NYSE American: PTN) ha ricevuto una comunicazione di non conformità da NYSE American riguardo ai requisiti di mantenimento della quotazione. La società non soddisfa il requisito di avere un patrimonio netto di $6 milioni o più, come specificato nella Sezione 1003(a)(iii) della Guida alle Aziende NYSE American. Questo si aggiunge alle precedenti segnalazioni di non conformità relative alle Sezioni 1003(a)(i) e (ii).
Palatin ha presentato un piano per ripristinare la conformità entro il 10 aprile 2025, che è stato accolto dall'Exchange. La società può continuare la sua quotazione durante questo periodo, soggetta a revisioni periodiche. Palatin sta esplorando diverse strade di finanziamento per raggiungere la conformità. La comunicazione non influisce immediatamente sulla quotazione o sul trading delle azioni ordinarie di Palatin, né ha un impatto sulle operazioni aziendali o sui requisiti di reporting alla SEC.
Palatin Technologies, Inc. (NYSE American: PTN) ha recibido un aviso de incumplimiento de NYSE American con respecto a los estándares de cotización continua. La empresa no cumple con el requisito de tener un patrimonio neto de $6 millones o más, como se especifica en la Sección 1003(a)(iii) de la Guía de Empresas de NYSE American. Esto se suma al incumplimiento previamente informado con respecto a las Secciones 1003(a)(i) y (ii).
Palatin ha presentado un plan para recuperar la conformidad antes del 10 de abril de 2025, que ha sido aceptado por el Exchange. La empresa puede continuar su cotización durante este período, sujeto a revisiones periódicas. Palatin está explorando múltiples vías de financiamiento para lograr la conformidad. El aviso no afecta inmediatamente la cotización o el comercio de las acciones ordinarias de Palatin, ni impacta las operaciones comerciales de la empresa o los requisitos de reporte ante la SEC.
Palatin Technologies, Inc. (NYSE American: PTN)은 NYSE American에서 지속적인 상장 기준에 대한 위반 통지를 받았습니다. 이 회사는 NYSE American 회사 가이드의 섹션 1003(a)(iii)에 명시된 바와 같이 주주 자본이 600만 달러 이상이어야 하는 요건을 충족하지 않습니다. 이는 이전에 보고된 섹션 1003(a)(i) 및 (ii)와 관련된 비준수 사항에 추가됩니다.
Palatin은 2025년 4월 10일까지 준수 회복을 위한 계획을 제출하였으며, 이는 거래소에 의해 수용되었습니다. 이 회사는 이 기간 동안 정기적인 검토를 조건으로 상장을 지속할 수 있습니다. Palatin은 준수를 달성하기 위해 여러 자금 조달 방법을 탐색하고 있습니다. 이 통지는 Palatin의 보통주 상장이나 거래에 즉각적인 영향을 미치지 않으며, 회사의 비즈니스 운영이나 SEC 보고 요건에도 영향을 미치지 않습니다.
Palatin Technologies, Inc. (NYSE American: PTN) a reçu un avis de non-conformité de la part de NYSE American concernant les normes de cotation continue. La société ne répond pas à l'exigence d'un capital social d'au moins 6 millions de dollars, comme spécifié à la section 1003(a)(iii) du Guide des entreprises NYSE American. Cela s'ajoute aux cas de non-conformité précédemment signalés concernant les sections 1003(a)(i) et (ii).
Palatin a soumis un plan pour retrouver la conformité d'ici le 10 avril 2025, qui a été accepté par la bourse. L'entreprise peut continuer sa cotation pendant cette période, sous réserve de révisions périodiques. Palatin explore plusieurs voies de financement pour atteindre la conformité. L'avis n'affecte pas immédiatement la cotation ou le trading des actions ordinaires de Palatin, ni n'impacte les opérations commerciales de l'entreprise ou ses exigences de reporting auprès de la SEC.
Palatin Technologies, Inc. (NYSE American: PTN) hat eine Mitteilung über Nichteinhaltung von NYSE American bezüglich der fortlaufenden Zulassungsstandards erhalten. Das Unternehmen erfüllt nicht die Anforderung, über ein Eigenkapital von 6 Millionen US-Dollar oder mehr zu verfügen, wie in Abschnitt 1003(a)(iii) des NYSE American Company Guide angegeben. Dies kommt zusätzlich zu den zuvor berichteten Nichteinhaltungen in den Abschnitten 1003(a)(i) und (ii).
Palatin hat einen Plan zur Wiederherstellung der Konformität bis zum 10. April 2025 eingereicht, der von der Börse akzeptiert wurde. Das Unternehmen kann während dieses Zeitraums weiterhin notiert sein, vorbehaltlich regelmäßiger Überprüfungen. Palatin erkundet mehrere Finanzierungswege, um die Konformität zu erreichen. Die Mitteilung beeinflusst nicht sofort die Notierung oder den Handel der Stammaktien von Palatin, noch hat sie Auswirkungen auf die Geschäftstätigkeit des Unternehmens oder die Berichtspflichten gegenüber der SEC.
- Exchange accepted Palatin's compliance plan
- Company allowed to continue listing during plan period
- No immediate effect on stock listing or trading
- Non-compliance with NYSE American continued listing standards
- Stockholders' equity below $6 million requirement
- Reported losses from continuing operations and/or net losses in five most recent fiscal years
- Need for additional funding to regain compliance
Insights
This notice of non-compliance from NYSE American is a significant red flag for Palatin Technologies. The company's failure to meet multiple continued listing standards, including stockholders' equity requirements, indicates severe financial distress. With losses reported in its five most recent fiscal years, PTN's financial health is clearly deteriorating.
The extension granted until April 2025 provides some breathing room, but the company's need to explore "multiple funding avenues" suggests potential dilution risks for existing shareholders. This situation could lead to increased volatility in the stock price and may deter institutional investors.
While the immediate trading status remains unchanged, the risk of delisting is real if Palatin fails to execute its compliance plan. Investors should be cautious, as this news highlights significant going concern issues and the potential need for substantial capital infusion or restructuring to remain listed.
Palatin remains subject to the procedures and requirements of Section 1009 of the NYSE American Company Guide. Palatin submitted a plan (the "Plan") of actions it has taken or will take to regain compliance with the continued listing standards by April 10, 2025. The Exchange accepted the Plan and granted a Plan period through April 10, 2025 to regain compliance with the continued listing standards, which now includes continued listing standards under Section 1003(a)(iii). Palatin will be able to continue its listing during the Plan period and will be subject to periodic reviews, including quarterly monitoring for compliance with the Plan. Palatin is assessing and exploring multiple funding avenues and is committed to undertaking a transaction or transactions in the future to achieve compliance with the Exchange's requirements.
Receipt of the notice from the Exchange has no immediate effect on the listing or trading of Palatin's common stock on the Exchange, and does not affect Palatin's business, operations or reporting requirements with the
About Palatin
Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.Palatin.com and follow Palatin on Twitter at @PalatinTech.
Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Palatin, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, actions of Palatin and/or the Exchange to be taken with respect to matters discussed in the letter from the Exchange, Palatin's ability to undertake a transaction or transactions in the future to achieve compliance with the Exchange's requirements or otherwise regain compliance with the Exchange's continued listing standards, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating events that occur after the date of this press release.
Palatin Technologies® is a registered trademark of Palatin Technologies, Inc.
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SOURCE Palatin Technologies, Inc.
FAQ
What NYSE American listing standards is Palatin Technologies (PTN) not complying with?
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Will Palatin Technologies (PTN) be delisted from NYSE American immediately due to non-compliance?
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