Palatin Technologies Faces Delisting Notice

TL;DR

Palatin Technologies got a delisting notice, might be moving exchanges.

AI Summary

Palatin Technologies, Inc. filed an 8-K on October 7, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates a potential transfer of listing, though specific details regarding the reasons or the new listing venue are not provided in this excerpt. The company's principal executive offices are located at 4B Cedar Brook Drive, Cranbury, NJ.

Why It Matters

This filing signals potential significant changes in Palatin Technologies' stock trading status, which could impact liquidity and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading viability and investor confidence.

Key Players & Entities

• Palatin Technologies, Inc. (company) — Registrant
• October 4, 2024 (date) — Earliest event reported
• October 7, 2024 (date) — Date of report
• 4B Cedar Brook Drive, Cranbury, NJ 08512 (location) — Principal executive offices

FAQ

Key Financial Figures

• $6 million — company to have stockholders' equity of $6 million or more if the listed company has repor
• $2 million — (a)(i) requires stockholders' equity of $2 million or more if the listed company has repor
• $4 million — company to have stockholders' equity of $4 million or more if the listed company has repor

Filing Documents

• ptn_8k.htm (8-K) — 30KB
• ptn_ex991.htm (EX-99.1) — 9KB
• 0001654954-24-012756.txt ( ) — 161KB
• ptn-20241004.xsd (EX-101.SCH) — 6KB
• ptn-20241004_lab.xml (EX-101.LAB) — 14KB
• ptn-20241004_cal.xml (EX-101.CAL) — 1KB
• ptn-20241004_pre.xml (EX-101.PRE) — 9KB
• ptn-20241004_def.xml (EX-101.DEF) — 2KB
• ptn_8k_htm.xml (XML) — 4KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 4, 2024, Palatin Technologies, Inc. (the "Company") received a letter (the "Letter") from the staff of NYSE American LLC (the "Exchange") stating that the Company's stockholders' equity as reported in its Annual Report on Form 10-K for the year ended June 30, 2024 was not in compliance with the Exchange's continued listing standards under Section 1003(a)(iii) of the NYSE American Company Guide (the "Company Guide"). Section 1003(a)(iii) requires a listed company to have stockholders' equity of $6 million or more if the listed company has reported losses from continuing operations and/or net losses in its five most recent fiscal years. The Company previously reported that it was not in compliance with the Exchange's continued listng standards under Sections 1003(a)(i) and (ii) of the Company Guide. Section 1003(a)(i) requires stockholders' equity of $2 million or more if the listed company has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years, and Section 1003(a)(ii) requires a listed company to have stockholders' equity of $4 million or more if the listed company has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Company remains subject to the procedures and requirements of Section 1009 of the Company Guide, and previously 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). The Company will be able to continue its listing during the Plan period and will be subject to periodic reviews including quarterly monitoring for compl

01 Other Events

Item 8.01 Other Events. On October 7, 2024, the Company issued a press release relating to the matters described in Item 3.01 of this Current Report on Form 8-K, a copy of which is attached hereto as Exhibit 99.1.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: 99.1 Press Release dated October 7, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

Forward-Looking Statements

Forward-Looking Statements The Company cautions you that statements included in this Current Report on Form 8-K that are not a description of historical facts are forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "indicates," "will," "intends," "potential," "suggests," "assuming," "designed" and similar expressions are intended to identify forward-looking statements. These statements are based on the Company's current beliefs and expectations. These forward-looking statements include statements regarding the Company's expectations regarding a period to comply with the Plan and applicable Exchange requirements, and actions of the Company and/or the Exchange to be taken with respect to matters discussed in the Letter. The inclusion of forward-looking statements should not be regarded as a representation by the Company that any of its plans will be achieved. Actual results may differ from those set forth in this Current Report on Form 8-K due to the risks and uncertainties associated with continued listing on the Exchange, risks and uncertainties inherent in the Company's business, and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this Current Report on Form 8-K to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995. 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PALATIN TECHNOLOGIES, INC. Date: October 7, 2024 By: /s/ Stephen T. Wills Stephen T. Wills, CPA, MST Executive Vice President, Chief Financial Officer and Chief Operating Officer 4 EXHIBIT INDEX 99.1 Press Release dated October 7, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 5

View Full Filing

View this 8-K filing on SEC EDGAR