PaxMedica, Inc.: Nasdaq/NYSE listing notice — PaxMedica gets Nasdaq deficiency notice for market value below $35M; cure period to June 2023

PaxMedica, Inc.

Received Nasdaq notice on Dec 6, 2022 for MVLS below $35M minimum for 30 consecutive business days.
Compliance period expires June 5, 2023; must close at $35M+ for 10 consecutive days.
No immediate effect on listing; common stock continues trading on Nasdaq under PXMD.
If not compliant by deadline, Nasdaq expected to issue delisting notice; company may apply for extension or appeal.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

PaxMedica, Inc. received a nasdaq deficiency notice notice regarding market value (rules 5550(b)(2), 5810(c)(3)(C)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: market value
Rules: 5550(b)(2), 5810(c)(3)(C)

Exact text from the filing

December 6, 2022, PaxMedica, Inc. (the “Company”) received notice from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the last 30 consecutive business days, the Company’s minimum Market Value of Listed Securities (“MVLS”) was below the minimum of $35 million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided an initial period of 180 calendar days, or until June 5, 2023, to regain compliance. The letter states that the Nasdaq staff will

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Source: SEC EDGAR

accession 0001104659-22-125845

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