Palatin Technologies, Inc. Announces Receipt of NYSE American Notice of Delisting and Intention to Appeal

Rhea-AI Summary

Palatin Technologies (NYSE American:PTN) announced on April 10, 2024, that NYSE American has initiated delisting proceedings for the company's common stock. The decision comes after PTN failed to regain compliance with stockholders' equity requirements under Sections 1003(a)(i), (ii), and (iii) of the NYSE American Company Guide by the end of its 18-month compliance period on April 10, 2025.

The company has until April 25, 2025, to request a review of the delisting determination by the Listings Qualifications Panel. PTN has confirmed its intention to appeal the decision and expects its common stock to continue trading on NYSE American during the appeal process. While the company is working to regain compliance, there is no guarantee of success before any hearing occurs.

Positive

• Stock continues trading during appeal process
• Company maintains right to appeal delisting determination

Negative

• Failed to meet NYSE American stockholders' equity requirements
• Risk of potential delisting from NYSE American
• Unable to regain compliance within 18-month period
• No assurance of regaining compliance before appeal hearing

CRANBURY, N.J., April 10, 2025 /PRNewswire/ -- Palatin Technologies, Inc. (the "Company") (NYSE American:PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, announced today that on April 10, 2024, NYSE American LLC ("NYSE American") publicly announced and provided a notice to the Company that NYSE Regulation has determined to commence proceedings to delist the Company's common stock (the "Common Stock") from NYSE American. NYSE Regulation has determined the Company is no longer suitable for listing pursuant to Section 1009(a) of the NYSE American Company Guide as the Company was unable to demonstrate that it had regained compliance with Sections 1003(a)(i), (ii) and (iii), related to stockholders' equity requirements, by the end of the maximum 18-month compliance plan period, which expired on April 10, 2025.

The Company has a right to a review of the NYSE Regulation determination to delist the Common Stock by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange (the "Panel"). The Company's request for such a review must be made by April 25, 2025. The Company intends to appeal such determination to delist the Common Stock. The Company expects the Common Stock to continue to trade on NYSE American during the appeal process.

Following such appeal, a decision by the Panel will be made and announced by NYSE American regarding either proceeding with suspension and delisting or continued trading in the Common Stock. The Company is working diligently to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide. However, there can be no assurance that the Company will regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide before any hearing occurs.

Forward-looking Statements

Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc., such as statements about the Company's appeal of the delisting determination or the Company's expectation that it may be able to regain compliance, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements.

Palatin Technologies^® is a registered trademark of Palatin Technologies, Inc.

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SOURCE Palatin Technologies, Inc.

FAQ

Why is Palatin Technologies (PTN) being delisted from NYSE American?

PTN is being delisted because it failed to meet stockholders' equity requirements under Sections 1003(a)(i), (ii), and (iii) after an 18-month compliance period ending April 10, 2025.

When is the deadline for PTN to appeal the NYSE American delisting notice?

Palatin Technologies must submit its appeal request by April 25, 2025.

Will PTN stock continue trading during the delisting appeal process?

Yes, PTN expects its common stock to continue trading on NYSE American while the appeal process is ongoing.

What happens after PTN appeals the NYSE American delisting notice?

The Listings Qualifications Panel will review the appeal and decide whether to proceed with the delisting or allow continued trading of PTN stock.