Milestone Pharmaceuticals faces April 21 Nasdaq deadline

Additional time may be available through a Nasdaq Capital Market transfer, subject to an application, a fee and other listing standards.

Filing Impact

(High)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Milestone Pharmaceuticals Inc. (MIST) received a Nasdaq notice that its common shares did not meet the $1.00 minimum bid-price requirement after the minimum bid price was below that level for 30 consecutive business days. The company has 180 calendar days, through April 21, 2027, to regain compliance by having its minimum bid price close at $1.00 per share or more for a minimum of 10 consecutive business days. The notice has no present impact on its Nasdaq Global Select Market listing. Milestone said it intends to monitor the bid price and, as appropriate, consider options including a transfer to the Nasdaq Capital Market or a reverse stock split.

0 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

How the balance works

Positive

None.

Negative

Moderate pointNasdaq listing deficiency: minimum bid price below $1.00 for 30 consecutive business days.

Filing Explained

The possible second compliance period is conditional, not automatic: the company would need to apply to transfer to Nasdaq Capital Market, pay $5,000, meet that market’s public-float and other initial-listing standards except bid price, and tell Nasdaq it would use a reverse split if needed, with Nasdaq staff assessing whether a cure is feasible.

8-K Event Classification

Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

1 item

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities

The company received a delisting notice, failed to satisfy a continued-listing rule or standard, or transferred its listing.

Key Figures

Minimum bid-price threshold: $1.00 per share Deficiency duration: 30 consecutive business days Initial compliance period: 180 calendar days +2 more

5 metrics

Minimum bid-price threshold $1.00 per share Nasdaq continued listing requirement

Deficiency duration 30 consecutive business days Minimum bid price was below $1.00 per share

Initial compliance period 180 calendar days Through April 21, 2027

Required consecutive closing-price period 10 consecutive business days Minimum bid price must close at $1.00 per share or more

Transfer Application fee $5,000 For a possible transfer to the Nasdaq Capital Market

Key Terms

minimum bid price, compliance period, Transfer Application

3 terms

minimum bid price regulatory

"minimum bid price ... less than $1.00 per share"

The minimum bid price is the lowest share price that a market, regulator, or specific offering will accept for a trade, listing, or auction—think of it as a reserve or floor that a stock must meet to qualify for certain actions. It matters to investors because falling below that floor can limit trading options, trigger compliance measures or delisting risks, and affect liquidity and the perceived value of a holding, much like a reserve price in an auction sets the baseline for a sale.

compliance period regulatory

"during this 180-day compliance period"

A compliance period is a defined stretch of time during which a company must meet specific legal, regulatory, or contractual rules and reporting requirements. Think of it like a scheduled inspection window or a homework deadline: failing to satisfy the rules within that window can trigger fines, restrictions, or extra oversight, so investors watch compliance periods as signals of near-term legal risk, potential costs, and impacts on a company’s operations or cash flow.

Transfer Application regulatory

"submit a Transfer Application and a $5,000 application fee"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How long does MIST have to regain Nasdaq compliance?

MIST has until April 21, 2027, within a 180-calendar-day period, to regain compliance. During that period, its minimum bid price must close at $1.00 per share or more for a minimum of 10 consecutive business days.

Could MIST get more time to meet Nasdaq’s bid-price rule?

If MIST does not regain compliance within the initial period, it may be eligible for additional time by transferring to the Nasdaq Capital Market. It would need to submit a Transfer Application and pay a $5,000 application fee, meet the market value of publicly held shares requirement and other initial listing standards except the minimum bid price requirement, and provide written notice of its intention to cure by reverse stock split if necessary. Nasdaq staff will assess whether the company can cure the deficiency.

Does MIST’s Nasdaq notice immediately affect its listing?

No. The notice has no present impact on MIST’s listing on the Nasdaq Global Select Market. If MIST does not regain compliance within the allotted compliance period or periods, Nasdaq will provide notice that its common shares will be subject to delisting; MIST may then appeal that determination to a Hearings Panel.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/28/2026 - 05:00 PM EDT Accepted by SEC EDGAR 10/28/2026 - 05:00 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 23, 2026

MILESTONE PHARMACEUTICALS INC.

(Exact name of registrant as specified in its charter)

Québec		001-38899		Not applicable
(state or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

1111 Dr. Frederik-Philips Boulevard,
Suite 420
Montréal, Québec CA		H4M 2X6
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (514) 336-0444

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares		MIST		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On October 23, 2026, Milestone Pharmaceuticals Inc. (the “Company”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the listing of its common shares was not in compliance with Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Select Market, as the minimum bid price of the Company’s common shares was less than $1.00 per share for the previous 30 consecutive business days. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days, or until April 21, 2027, to regain compliance with the rule referred to in this paragraph. To regain compliance, during this 180-day compliance period, the Company’s minimum bid price of listed securities must close at $1.00 per share or more for a minimum of 10 consecutive business days. The notice has no present impact on the listing of the Company’s securities on the Nasdaq Global Select Market.

If the Company does not regain compliance with the Nasdaq Listing Rules prior to the expiration of the 180-day compliance period, the Company may be eligible for additional time to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii) by transferring to the Nasdaq Capital Market. To qualify, the Company would need to submit a Transfer Application and a $5,000 application fee. In addition, the Company would 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, except the minimum bid price requirement. In addition, the Company would need to provide written notice to Nasdaq of its intention to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split, if necessary. As part of its review process, the Nasdaq staff will determine whether it believes the Company will be able to cure this deficiency. Should the Nasdaq staff conclude that the Company will not be able to cure the deficiency, or should the Company determine not to submit a Transfer Application or make the required representation, Nasdaq will provide notice that the Company’s common shares will be subject to delisting.

If the Company does not regain compliance within the allotted compliance period(s), Nasdaq will provide notice that the Company’s common shares will be subject to delisting. At such time, the Company may appeal the delisting determination to a Hearings Panel.

The Company intends to actively monitor its minimum bid price of listed securities and, as appropriate, will consider available options to resolve the deficiencies and regain compliance with the Nasdaq Listing Rules, including applying to transfer to the Nasdaq Capital Market or effecting a reverse stock split.

There can be no assurance that the Company will be successful in maintaining the listing of its common shares on the Nasdaq Global Select Market, or, if transferred, on the Nasdaq Capital Market.

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.

	MILESTONE PHARMACEUTICALS INC.

	By:	/s/Amit Hasija
		Amit Hasija
		Chief Financial Officer

	Dated: October 28, 2026

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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