Form 8-K - Current report
December 21 2023 - 8:00AM
Edgar (US Regulatory)
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0001811623
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2023-12-20
2023-12-20
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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):
December 20, 2023
PaxMedica, Inc.
(Exact name of registrant as specified in its
charter)
Delaware |
001-41475 |
85-0870387 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
303 South Broadway, Suite 125
Tarrytown, NY |
10591 |
(Address of principal executive offices) |
(Zip Code) |
(914) 987-2876
(Registrant’s telephone number, including
area code)
n/a
(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 Instructions 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 Exchange Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange
on which registered |
Common Stock, par value $0.0001 per share |
|
PXMD |
|
The Nasdaq Capital Market |
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 x
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 8.01 Other Events.
On
December 20, 2023, PaxMedica, Inc. (the “Company”) received a written notification from The Nasdaq Stock Market LLC (“Nasdaq”)
stating that the Company has demonstrated compliance with Nasdaq’s minimum equity requirement set forth in Listing Rule 5550(b)(1).
The compliance letter
also notes that Nasdaq has determined to impose a Discretionary Panel Monitor under Listing Rule 5815(d)(4)(A) for a period of one year
from the date of the compliance letter, to ensure that the Company demonstrates long-term compliance with Nasdaq’s continued listing
requirements. Should the Company fail to maintain compliance with any continued listing requirement, the Staff of the Listing Qualifications
Department of Nasdaq (the “Staff”) will issue a Delist Determination Letter and promptly schedule a new hearing with the
Nasdaq Hearings Panel (the “Panel”).
Background
As previously disclosed,
the Company was notified by Nasdaq on December 6, 2022 that it was not in compliance with Listing Rule 5550(b)(2) (the “Minimum
Market Value of Listed Securities Requirement”), requiring it to maintain a market value of listed securities of a minimum of $35
million for a period of 30 consecutive business days. Nasdaq granted the Company a period of 180 calendar days, or until June 5,
2023, to regain compliance with the Minimum Market Value of Listed Securities Requirement or the alternative criteria. On June 12,
2023, the Company received a determination letter (“Delist Letter”) from the Staff stating that the Company had not regained
compliance the Minimum Market Value of Listed Securities Requirement during the 180-day grace period. On June 20, 2023, the Company
requested a hearing before the Panel to appeal the Staff’s delisting determination, which took place on August 10, 2023. On
August 16, 2023, the Company received a decision from the Panel granting its request for an exception to maintain its listing on The Nasdaq
Capital Market notwithstanding the failure to regain compliance with the Minimum Market Value of Listed Securities Requirement or the
alternative criteria. The Company’s request was granted, subject to demonstrating compliance with the Market Value of Listed Securities
or the alternative criteria set forth in Nasdaq Listing Rule 5550(b)(1), which requires the Company either have net income from continuing
operations of $750,000 in the last fiscal year or two out of the prior three fiscal years, or maintain stockholders' equity of at least
$2.5 million. Based on representations made by the Company, Nasdaq has provided the compliance letter referenced above.
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.
|
|
PaxMedica, Inc. |
|
|
|
|
|
|
|
By: |
/s/ Howard J. Weisman |
|
Name: |
Howard J. Weisman |
|
Title: |
Chief Executive Officer |
Date: December 21, 2023
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Dec. 20, 2023 |
Cover [Abstract] |
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Document Type |
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Document Period End Date |
Dec. 20, 2023
|
Entity File Number |
001-41475
|
Entity Registrant Name |
PaxMedica, Inc.
|
Entity Central Index Key |
0001811623
|
Entity Tax Identification Number |
85-0870387
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
303 South Broadway
|
Entity Address, Address Line Two |
Suite 125
|
Entity Address, City or Town |
Tarrytown
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10591
|
City Area Code |
914
|
Local Phone Number |
987-2876
|
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Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
Trading Symbol |
PXMD
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Security Exchange Name |
NASDAQ
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