Titan Pharmaceuticals, Inc. Announces Receipt of Notice from Nasdaq
Titan Pharmaceuticals (NASDAQ: TTNP) has received two notices from Nasdaq regarding listing compliance issues. The first notice on November 22, 2024, concerns the company's failure to file its Q3 2024 Form 10-Q on time. Titan has until January 21, 2025, to submit a compliance plan and may receive up to 180 days (until May 19, 2025) to file the report. The second notice on November 25, 2024, addresses non-compliance with audit committee requirements following Brynner Chiam's appointment. The company has until November 6, 2025, to resolve this issue and plans to appoint an additional independent director to the Board and Audit Committee.
Titan Pharmaceuticals (NASDAQ: TTNP) ha ricevuto due avvisi da Nasdaq riguardanti questioni di conformità alla registrazione. Il primo avviso, datato 22 novembre 2024, concerne il mancato invio del modulo 10-Q del terzo trimestre 2024 in tempo. Titan ha tempo fino al 21 gennaio 2025 per presentare un piano di conformità e potrebbe ricevere fino a 180 giorni (fino al 19 maggio 2025) per inviare il rapporto. Il secondo avviso, datato 25 novembre 2024, riguarda la non conformità ai requisiti del comitato di revisione dopo la nomina di Brynner Chiam. L'azienda ha tempo fino al 6 novembre 2025 per risolvere questa questione e prevede di nominare un ulteriore direttore indipendente nel Consiglio e nel Comitato di Revisione.
Titan Pharmaceuticals (NASDAQ: TTNP) ha recibido dos avisos de Nasdaq sobre problemas de cumplimiento de listado. El primer aviso, del 22 de noviembre de 2024, se refiere a la falta de presentación oportuna de su Formulario 10-Q del tercer trimestre de 2024. Titan tiene hasta el 21 de enero de 2025 para presentar un plan de cumplimiento y puede recibir hasta 180 días (hasta el 19 de mayo de 2025) para presentar el informe. El segundo aviso, del 25 de noviembre de 2024, aborda la no conformidad con los requisitos del comité de auditoría tras la designación de Brynner Chiam. La empresa tiene hasta el 6 de noviembre de 2025 para resolver este problema y planea nombrar a un director independiente adicional para la Junta y el Comité de Auditoría.
타이탄 제약(Titan Pharmaceuticals) (NASDAQ: TTNP)은 나스닥으로부터 상장 준수 문제에 대한 두 가지 통지를 받았습니다. 첫 번째 통지는 2024년 11월 22일자로, 회사가 2024년 3분기 10-Q 양식을 제때 제출하지 못한 것과 관련이 있습니다. 타이탄은 2025년 1월 21일까지 준수 계획을 제출해야 하며, 보고서를 제출하기 위해 최대 180일(2025년 5월 19일까지)을 받을 수 있습니다. 두 번째 통지는 2024년 11월 25일자로, 브린너 치암(Brynner Chiam) 임명 후 감사 위원회 요건의 비준수에 대해 다룹니다. 회사는 이 문제를 해결하기 위해 2025년 11월 6일까지의 시간을 갖고 있으며, 이사회와 감사위원회에 추가 독립 이사를 임명할 계획입니다.
Titan Pharmaceuticals (NASDAQ: TTNP) a reçu deux notifications de Nasdaq concernant des problèmes de conformité à la cotation. La première notification, datée du 22 novembre 2024, concerne le non-respect des délais pour le dépôt de son formulaire 10-Q du troisième trimestre 2024. Titan a jusqu'au 21 janvier 2025 pour soumettre un plan de conformité et pourrait avoir jusqu'à 180 jours (jusqu'au 19 mai 2025) pour déposer le rapport. La deuxième notification, datée du 25 novembre 2024, traite de la non-conformité aux exigences du comité d'audit suite à la nomination de Brynner Chiam. L'entreprise a jusqu'au 6 novembre 2025 pour résoudre ce problème et prévoit de nommer un directeur indépendant supplémentaire au conseil d'administration et au comité d'audit.
Titan Pharmaceuticals (NASDAQ: TTNP) hat zwei Mitteilungen von Nasdaq bezüglich der Einhaltung der Listungsanforderungen erhalten. Die erste Mitteilung vom 22. November 2024 betrifft die verspätete Einreichung des 10-Q-Formulars für das dritte Quartal 2024. Titan hat bis zum 21. Januar 2025 Zeit, einen Compliance-Plan einzureichen, und kann bis zu 180 Tage (bis zum 19. Mai 2025) Zeit bekommen, um den Bericht einzureichen. Die zweite Mitteilung vom 25. November 2024 befasst sich mit der Nichteinhaltung der Anforderungen des Prüfungsausschusses nach der Ernennung von Brynner Chiam. Das Unternehmen hat bis zum 6. November 2025 Zeit, dieses Problem zu lösen, und plant, einen weiteren unabhängigen Direktor in den Vorstand und den Prüfungsausschuss zu berufen.
- None.
- Failure to file Q3 2024 Form 10-Q on time, risking Nasdaq listing status
- Non-compliance with Nasdaq audit committee requirements
- Multiple simultaneous compliance issues with Nasdaq listing requirements
Insights
The dual Nasdaq compliance issues raise significant red flags. The delayed Q3 filing suggests potential internal control or accounting challenges that could impact investor confidence. While Titan has until January 21, 2025 to submit a compliance plan for the filing delay and until May 5, 2025 to resolve the audit committee requirements, these developments indicate operational instability.
The appointment of Brynner Chiam as both Acting Principal Executive Officer and Acting Principal Financial Officer creates a concerning concentration of power and governance issues. For a microcap company with a market cap of just
NEW YORK, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) (“Titan”) today reported that it received a notice (the “5250 Notice”) on November 22, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising the Company that it was not in compliance with Nasdaq’s continued listing requirements under the Nasdaq Listing Rule 5250(c)(1) (“Rule 5250”) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Q3 Form 10-Q”) in a timely manner.
Under Nasdaq rules, the Company has 60 calendar days from receipt of the 5250 Notice or until January 21, 2025, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Q3 Form 10-Q, or until May 19, 2025, to regain compliance.
In response to the Notice, the Company is working to file the Q3 Form 10-Q as soon as possible in order to regain compliance with the Listing Rule. However, if the Company does not submit the Q3 Form 10-Q by January 21, 2025, the Company will submit a plan by such date to Nasdaq that outlines, as definitively as possible, the steps the Company will take to promptly file the Q3 Form 10-Q.
Additionally, on November 25, 2024, the Company received a notice (the “5605 Notice”) from Nasdaq advising the Company that, following the appointment of Brynner Chiam as Acting Principal Executive Officer and Acting Principal Financial Officer of the Company on November 6, 2024, the Company no longer complies with Nasdaq’s audit committee requirements as set forth in Listing Rule 5605 (“Rule 5605”). Nasdaq advised that consistent with Listing Rule 5605(c)(4), Nasdaq will provide the Company with a cure period in order to regain compliance with Rule 5605: (i) until the earlier of the Company’s next annual shareholders’ meeting or November 6, 2025; or (ii) if the next annual shareholders’ meeting is held before May 5, 2025, then the Company must evidence compliance no later than May 5, 2025.
The Company intends to appoint an additional independent director to the Board of Directors and the Audit Committee prior to the end of the cure periods.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP), formerly based in South San Francisco, CA, is a development stage company previously focused on developing proprietary therapeutics utilizing ProNeura® long-term, continuous drug delivery technology. In December 2021, Titan commenced a process to explore and evaluate strategic alternatives to enhance shareholder value.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our product development programs and any other statements that are not historical facts. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management's current expectations include those risks and uncertainties relating to our ability to raise capital, the regulatory approval process, the development, testing, production and marketing of our drug candidates, patent and intellectual property matters and strategic agreements and relationships. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. A complete discussion of the risks and uncertainties that may affect Schmitt's business, including the business of its subsidiary, is included in “Risk Factors” in the Company's most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
Media & Investor Contacts
Brynner Chiam
Acting Principal Executive Officer and Acting Principal Financial Officer
(786) 769-7512
FAQ
What is the deadline for Titan Pharmaceuticals (TTNP) to submit its compliance plan to Nasdaq?
How long does Titan Pharmaceuticals (TTNP) have to resolve its audit committee compliance issues?
What triggered Titan Pharmaceuticals' (TTNP) Nasdaq compliance issues in November 2024?
