Current Report Filing (8-k)
13 April 2018 - 10:02PM
Edgar (US Regulatory)
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):
April 9, 2018
Titan
Pharmaceuticals, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of incorporation)
001-13341
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94-3171940
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(Commission File Number)
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(IRS Employer
Identification No.)
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400 Oyster Point Blvd., Suite 505, South
San Francisco, CA
94080
(Address of principal executive offices
and zip code)
650-244-4990
(Registrant's telephone number including
area code)
(Registrant's 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 registrant under any of the following provisions:
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¨
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12(b) under
the Exchange Act (17 CFR 240.14a-12(b))
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging
growth company 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 April 9, 2018, Titan Pharmaceuticals, Inc. (the “Company”)
received a letter from the Listing Qualifications staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company
that it is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq
Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2,500,000.
The letter noted that the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (the “2017
10-K”) reported stockholders’ equity of $857,000.
As previously announced and reflected in the 2017 10-K, in March
2018 the Company completed two transactions that positively impacted its balance sheet. The first was the restructuring of its
indebtedness, which included provisions for optional and mandatory conversion to equity of $2.4 million of the $4 million outstanding
principal amount. The second was the sale of certain of the Company’s ex-U.S. Probuphine intellectual property for an upfront
payment of $2.4 million. The Company is diligently pursuing additional avenues that will further positively impact stockholders’
equity.
The notification letter has no immediate effect on the Company’s
listing on the Nasdaq Capital Market. Nasdaq has provided the Company with 45 calendar days, or until May 24, 2018, to submit a
plan to regain compliance with the minimum stockholders’ equity standard. If the Company’s plan to regain compliance
is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notification letter to regain compliance.
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 thereunto duly authorized.
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TITAN PHARMACEUTICALS, INC.
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By:
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/s/ Sunil Bhonsle
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Name:
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Sunil Bhonsle
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Title:
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Chief Executive Officer and President
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Dated: April 12, 2018
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