Palatin Technologies, Inc. Announces Receipt of NYSE American Notice of Delisting and Intention to Appeal
Palatin Technologies (NYSE American:PTN) announced on April 10, 2024, that NYSE American has initiated delisting proceedings for the company's common stock. The decision comes after PTN failed to regain compliance with stockholders' equity requirements under Sections 1003(a)(i), (ii), and (iii) of the NYSE American Company Guide by the end of its 18-month compliance period on April 10, 2025.
The company has until April 25, 2025, to request a review of the delisting determination by the Listings Qualifications Panel. PTN has confirmed its intention to appeal the decision and expects its common stock to continue trading on NYSE American during the appeal process. While the company is working to regain compliance, there is no guarantee of success before any hearing occurs.
Palatin Technologies (NYSE American:PTN) ha annunciato il 10 aprile 2024 che NYSE American ha avviato le procedure di delisting per le azioni ordinarie della società. La decisione è stata presa dopo che PTN non è riuscita a ristabilire la conformità con i requisiti di capitale azionario ai sensi delle Sezioni 1003(a)(i), (ii) e (iii) del NYSE American Company Guide entro la fine del suo periodo di conformità di 18 mesi, il 10 aprile 2025.
La società ha tempo fino al 25 aprile 2025 per richiedere una revisione della determinazione di delisting da parte del Listings Qualifications Panel. PTN ha confermato la sua intenzione di fare appello contro la decisione e si aspetta che le sue azioni ordinarie continuino a essere negoziate su NYSE American durante il processo di appello. Anche se la società sta lavorando per ripristinare la conformità, non c'è garanzia di successo prima che si svolga un'udienza.
Palatin Technologies (NYSE American:PTN) anunció el 10 de abril de 2024 que NYSE American ha iniciado procedimientos de deslistado para las acciones ordinarias de la empresa. La decisión se produce después de que PTN no lograra restablecer el cumplimiento de los requisitos de capital de los accionistas según las Secciones 1003(a)(i), (ii) y (iii) de la Guía de la Compañía de NYSE American antes del final de su período de cumplimiento de 18 meses, el 10 de abril de 2025.
La empresa tiene hasta el 25 de abril de 2025 para solicitar una revisión de la determinación de deslistado por parte del Panel de Calificaciones de Listados. PTN ha confirmado su intención de apelar la decisión y espera que sus acciones ordinarias continúen negociándose en NYSE American durante el proceso de apelación. Si bien la empresa está trabajando para restablecer el cumplimiento, no hay garantía de éxito antes de que se lleve a cabo una audiencia.
Palatin Technologies (NYSE American:PTN)는 2024년 4월 10일 NYSE American이 회사의 보통주에 대한 상장 폐지 절차를 시작했다고 발표했습니다. 이 결정은 PTN이 2025년 4월 10일에 18개월의 준수 기간이 끝날 때까지 NYSE American 회사 가이드의 섹션 1003(a)(i), (ii) 및 (iii)에 따른 주주 자본 요건을 회복하지 못한 후 내려졌습니다.
회사는 2025년 4월 25일까지 상장 폐지 결정에 대한 재검토를 요청할 수 있습니다. PTN은 이 결정에 대해 항소할 의사를 확인했으며, 항소 과정 동안 NYSE American에서 보통주가 계속 거래될 것으로 예상하고 있습니다. 회사가 준수를 회복하기 위해 노력하고 있지만, 청문회가 열리기 전에 성공을 보장할 수는 없습니다.
Palatin Technologies (NYSE American:PTN) a annoncé le 10 avril 2024 que NYSE American a engagé des procédures de radiation pour les actions ordinaires de l'entreprise. Cette décision intervient après que PTN n'a pas réussi à rétablir la conformité avec les exigences de capitaux propres des actionnaires en vertu des sections 1003(a)(i), (ii) et (iii) du NYSE American Company Guide avant la fin de sa période de conformité de 18 mois, le 10 avril 2025.
L'entreprise a jusqu'au 25 avril 2025 pour demander un examen de la décision de radiation par le Listings Qualifications Panel. PTN a confirmé son intention de faire appel de la décision et s'attend à ce que ses actions ordinaires continuent d'être négociées sur NYSE American pendant le processus d'appel. Bien que l'entreprise travaille à rétablir la conformité, il n'y a aucune garantie de succès avant qu'une audience ait lieu.
Palatin Technologies (NYSE American:PTN) gab am 10. April 2024 bekannt, dass die NYSE American Verfahren zur Delistung der Stammaktien des Unternehmens eingeleitet hat. Die Entscheidung fiel, nachdem PTN es versäumt hatte, die Anforderungen an das Eigenkapital der Aktionäre gemäß den Abschnitten 1003(a)(i), (ii) und (iii) des NYSE American Company Guide bis zum Ende seiner 18-monatigen Compliance-Periode am 10. April 2025 wiederherzustellen.
Das Unternehmen hat bis zum 25. April 2025 Zeit, um eine Überprüfung der Delistungsentscheidung durch das Listings Qualifications Panel zu beantragen. PTN hat seine Absicht bestätigt, gegen die Entscheidung Berufung einzulegen, und erwartet, dass die Stammaktien während des Berufungsverfahrens weiterhin an der NYSE American gehandelt werden. Während das Unternehmen daran arbeitet, die Compliance wiederherzustellen, gibt es jedoch keine Garantie für einen Erfolg vor der Durchführung einer Anhörung.
- Stock continues trading during appeal process
- Company maintains right to appeal delisting determination
- Failed to meet NYSE American stockholders' equity requirements
- Risk of potential delisting from NYSE American
- Unable to regain compliance within 18-month period
- No assurance of regaining compliance before appeal hearing
Insights
The NYSE American delisting notice represents a severe development for Palatin Technologies, signaling acute financial distress. After failing to meet stockholders' equity requirements throughout an 18-month compliance period, the company now faces removal from a major exchange - a significant red flag for investors.
The notice stems from non-compliance with Sections 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide, which establish minimum stockholders' equity thresholds based on a company's financial condition. This regulatory action indicates Palatin has been operating with critically low equity levels for an extended period.
While Palatin intends to appeal by April 25, and trading will continue during this process, the probability of reversal appears low given the company had 18 months to address these deficiencies and failed to do so. A delisting would force the stock to over-the-counter markets, typically resulting in reduced liquidity, institutional investor exodus, diminished analyst coverage, and further share price deterioration.
Most concerning is the complete absence of any concrete remediation plan or strategic initiatives to address the equity shortfall. The company merely states it's "working diligently" without providing specifics, suggesting viable options remain. For a
The Company has a right to a review of the NYSE Regulation determination to delist the Common Stock by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange (the "Panel"). The Company's request for such a review must be made by April 25, 2025. The Company intends to appeal such determination to delist the Common Stock. The Company expects the Common Stock to continue to trade on NYSE American during the appeal process.
Following such appeal, a decision by the Panel will be made and announced by NYSE American regarding either proceeding with suspension and delisting or continued trading in the Common Stock. The Company is working diligently to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide. However, there can be no assurance that the Company will regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide before any hearing occurs.
Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc., such as statements about the Company's appeal of the delisting determination or the Company's expectation that it may be able to regain compliance, 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. The Company 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 the Company's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements.
Palatin Technologies® is a registered trademark of Palatin Technologies, Inc.
View original content to download multimedia:https://www.prnewswire.com/news-releases/palatin-technologies-inc-announces-receipt-of-nyse-american-notice-of-delisting-and-intention-to-appeal-302426045.html
SOURCE Palatin Technologies, Inc.
FAQ
Why is Palatin Technologies (PTN) being delisted from NYSE American?
When is the deadline for PTN to appeal the NYSE American delisting notice?
Will PTN stock continue trading during the delisting appeal process?
What happens after PTN appeals the NYSE American delisting notice?
