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Friday, December 04, 2020 4:26:25 AM
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On December 1, 2020, Titan Pharmaceuticals, Inc. (the “Company” or “Titan”) received a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company had failed to regain compliance with the minimum $1.00 closing bid price required by Listing Rule 5550(a)(2) prior to November 30, 2020 as required by Nasdaq’s letter of April 17, 2020. As a result, Nasdaq has determined to initiate procedures to delist the Company’s securities from Nasdaq.
The Company has already taken steps to rectify its failure to comply with Listing Rule 5550(a)(2). On November 30, 2020, following receipt of stockholder approval, the Company amended its certificate of incorporation to effect a 1-for-30 reverse split of its common stock. The shares began trading on a post-split basis on December 1, 2020 and have closed above the $1.00 minimum bid price since such date.
The Notice provided the Company until December 8, 2020 to request an appeal of Nasdaq’s determination to delist. In the absence of such appeal, the Company’s securities would be suspended at the opening of business on December 10, 2020, and a Form 25-NSE would be filed with the Securities and Exchange Commission, resulting in Titan’s securities being removed from listing and registration on Nasdaq. The Company has requested a hearing to appeal the determination, which request will stay the suspension of Titan’s securities and the filing of the Form 25-NSE pending a decision by the hearing panel.
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