ProMIS Neurosciences Faces Nasdaq Delisting Warning

TL;DR

Nasdaq's threatening to delist PMN unless they fix things by July 23rd.

AI Summary

ProMIS Neurosciences Inc. announced on July 2, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules. The company has until July 23, 2024, to regain compliance or face delisting.

Why It Matters

Failure to regain compliance with Nasdaq listing rules could lead to the delisting of ProMIS Neurosciences' stock, potentially impacting its liquidity and investor confidence.

Risk Assessment

Risk Level: high — The company is at high risk of delisting from Nasdaq, which could severely impact its stock's liquidity and investor perception.

Key Numbers

• July 23, 2024 — Compliance Deadline (The date by which ProMIS Neurosciences must regain compliance with Nasdaq listing rules.)

Key Players & Entities

• ProMIS Neurosciences Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Listing Exchange
• July 2, 2024 (date) — Date of Notice
• July 23, 2024 (date) — Compliance Deadline

FAQ

Key Financial Figures

• $35 million — Listed Securities ("MVLS") of at least $35 million for the last 30 consecutive business da

Filing Documents

• pmn-20240702x8k.htm (8-K) — 32KB
• 0001558370-24-009675.txt ( ) — 189KB
• pmn-20240702.xsd (EX-101.SCH) — 4KB
• pmn-20240702_def.xml (EX-101.DEF) — 3KB
• pmn-20240702_lab.xml (EX-101.LAB) — 13KB
• pmn-20240702_pre.xml (EX-101.PRE) — 12KB
• pmn-20240702x8k_htm.xml (XML) — 5KB

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 July 2, 2024, ProMIS Neurosciences Inc. ("Company") received written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5550(b)(2) (the "Rule") because the Company has not maintained a minimum Market Value of Listed Securities ("MVLS") of at least $35 million for the last 30 consecutive business days. The Notice has no immediate effect on the listing or trading of the Company's securities. The Company has 180 calendar days from the date of the Notice, or until December 29, 2024, to regain compliance. If the Company does not regain compliance with the MVLS requirement within the compliance period, or qualify under an alternative listing standard, the Company's common stock will be subject to delisting. To regain compliance, during the 180 day period the MVLS must be at least $35 million for a minimum of ten consecutive business days (or such longer period of time as the Nasdaq staff may require in some circumstances, but generally not more than 20 consecutive business days). In the event the Company receives notice that the Company's common stock is being delisted, Nasdaq's rules permit the Company to appeal the delisting determination by the Nasdaq staff to a hearings panel. The Company intends to monitor the market value of the Company's listed securities and may, if appropriate, consider available options to regain compliance with the MVLS requirement. The Company, by filing this Form 8-K, discloses its receipt of the notification from Nasdaq in accordance with Listing Rule 5810(b). There can be no assurance that the Company will be able to regain compliance with the MVLS requirement.

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. PROMIS NEUROSCIENCES INC. Date: July 5, 2024 By: /s/ Neil Warma Name: Neil Warma Title: Interim Chief Executive Officer