ProMIS Neurosciences Faces Delisting Concerns

Ticker: PMN · Form: 8-K · Filed: 2025-01-08T00:00:00.000Z

Sentiment: bearish

Topics: delisting, listing-standards, regulatory

TL;DR

ProMIS Neurosciences might get delisted, big trouble for the stock.

AI Summary

ProMIS Neurosciences Inc. filed an 8-K on January 8, 2025, to report a notice of delisting or failure to meet continued listing standards. The company, formerly known as AMORFIX LIFE SCIENCES LTD, is based in Toronto, Ontario, Canada.

Why It Matters

This filing indicates potential issues with ProMIS Neurosciences' ability to remain listed on its exchange, which could significantly impact its stock 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 continued trading on an exchange.

Key Numbers

Key Players & Entities

FAQ

What specific listing standard did ProMIS Neurosciences fail to meet?

The filing does not specify the exact listing standard that ProMIS Neurosciences failed to meet, only that it received a notice of delisting or failure to satisfy a continued listing rule or standard.

What is the date of the earliest event reported in this 8-K?

The date of the earliest event reported is January 3, 2025.

What was ProMIS Neurosciences Inc. formerly known as?

ProMIS Neurosciences Inc. was formerly known as AMORFIX LIFE SCIENCES LTD.

Where are ProMIS Neurosciences Inc.'s principal executive offices located?

ProMIS Neurosciences Inc.'s principal executive offices are located at Suite 200, 1920 Yonge Street, Toronto, Ontario, M4S 3E2, Canada.

What is the SEC file number for ProMIS Neurosciences Inc.?

The SEC file number for ProMIS Neurosciences Inc. is 001-41429.

Filing Stats: 1,176 words · 5 min read · ~4 pages · Grade level 18.2 · Accepted 2025-01-08 17:10:17

Key Financial Figures

Filing Documents

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 January 3, 2025, 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's common shares, no par value (the "Common Shares") failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule") based upon the closing bid price of the Common Shares for the 30 consecutive trading days prior to the date of the Minimum Bid Price Notice from Nasdaq. The Notice has no effect on the listing of the Company's Common Shares at this time, and the Company's Common Shares will continue to trade on the The Nasdaq Capital Market under the symbol "PMN." The Company has been provided an initial compliance period of 180 calendar days, or until July 2, 2025, to regain compliance with the Minimum Bid Price Rule which requires that the closing bid price of the Common Shares meet or exceed $1.00 per share for a minimum of ten consecutive trading days. If the Company is unable to regain compliance with the Minimum Bid Price Rule, the Company may be eligible for an additional 180-day compliance period. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Rule, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, Nasdaq will notify the Company of its determination to delist the Common Shares, at which point the Company would have an opportunity to appeal the de

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain information in this Current Report on Form 8-K constitutes forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "excited to", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, this Current Report on Form 8-K contains forward-looking information relating to the the Company's ability to regain compliance with the Minimum Bid Price Rule, the Company's intentions to actively monitor the closing bid price of the Common Shares, anticipated actions to be taken by Nasdaq, and the Company's plans to consider implementing available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this Current Report on Form 8-K, are subject to known and unknown risks, uncertainties and assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed

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: January 8, 2025 By: /s/ Neil Warma Name: Neil Warma Title: Chief Executive Officer

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