PaxMedica, Inc.: Nasdaq/NYSE listing notice — Nasdaq grants PaxMedica exception to stay listed through Dec 11, 2023, subject to $2.5M equity

PaxMedica, Inc.

Nasdaq Hearings Panel granted exception to maintain listing on The Nasdaq Capital Market.
Company failed Minimum Market Value Requirement of $35M; exception requires alternative compliance.
Must demonstrate stockholders' equity of at least $2.5M by December 11, 2023.
Failure to meet condition will result in delisting from Nasdaq Capital Market.
Panel may reconsider exception if any new adverse event develops.

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 extension granted notice regarding market value (rules 5550(b)(2), 5550(b)(1)).

Exchange: nasdaq
Notice: extension granted
Deficiency: market value
Rules: 5550(b)(2), 5550(b)(1)

Exact text from the filing

August 16, 2023, PaxMedica, Inc. (the “ Company ”) received a decision from the Hearings Panel (the “ Panel ”) of The Nasdaq Stock Market LLC (“ Nasdaq ”) granting the Company’s request for an exception to maintain its listing on The Nasdaq Capital Market notwithstanding its failure to regain compliance with Nasdaq 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. The Company’s request was granted, subject to the Company demonstrating compliance, on or prior to December 11, 2023

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Source: SEC EDGAR

accession 0001104659-23-093037

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