PaxMedica, Inc.: Nasdaq/NYSE listing notice — PaxMedica receives Nasdaq bid-price deficiency notice; has until Jan 29, 2024 to regain compliance

PaxMedica, Inc.

Nasdaq notified PaxMedica on Aug 2, 2023 that its stock failed to maintain $1.00 minimum bid price for 30 consecutive business days through Aug 1, 2023.
Company has a 180-day grace period until Jan 29, 2024 to close at $1.00 or higher for at least 10 consecutive business days.
If not compliant, PaxMedica may request a second 180-day extension if it meets all other initial listing standards except bid price.
Company also faces separate deficiency for market value of listed securities (min $35M); hearing with Nasdaq panel has been granted and stays any suspension.
No decision yet on response; CEO Howard Weisman signed filing.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.98

PaxMedica, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

August 2, 2023, PaxMedica, Inc. (the “Company”) received a written notification (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”), indicating that the Company was not in compliance with the minimum closing bid price requirement set forth in the Nasdaq Listing Rules for The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based

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Source: SEC EDGAR

accession 0001104659-23-087815

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