PaxMedica, Inc.: Nasdaq/NYSE listing notice — PaxMedica receives Nasdaq delisting notice for failing Minimum Market Value Rule; plans appeal

PaxMedica, Inc.

Nasdaq staff notified PaxMedica on June 12, 2023 that it failed to regain compliance with the $35M market value requirement.
Common stock (PXMD) subject to delisting from Nasdaq Capital Market unless a hearing is requested by June 20, 2023.
Company intends to request a hearing to appeal the delisting determination; hearing request will stay suspension pending decision.
No assurance that the appeal will be successful or that continued listing will be granted.

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 0.97

PaxMedica, Inc. received a nasdaq delisting notice notice regarding market value (rules 5550(b)(2)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: market value
Rules: 5550(b)(2)

Exact text from the filing

June 12, 2023, PaxMedica, Inc. (the “ Company ”) received a determination letter (the “ Letter ”) from the staff (the “ Staff ”) of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq ”) stating that the Company has not regained compliance with Listing Rule 5550(b)(2) (the “ Minimum Market Value Requirement ”), requiring the Company to maintain a market value of listed securities of a minimum of $35 million, during the 180-day grace period previously granted to the Company. As previously disclosed, the Company was initially notified by the Staff on December 6, 2022 t

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Source: SEC EDGAR

accession 0001104659-23-072284

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