Processa Pharmaceuticals, Inc. (PCSA): Nasdaq/NYSE listing notice — Nasdaq grants Processa second 180-day grace period to meet $1.00 bid price rule

Processa Pharmaceuticals, Inc.

Received Nasdaq letter on Sept 19; second compliance period ends March 18, 2024.
Must maintain closing bid price ≥$1 for 10 consecutive days to regain compliance.
Board adopted amended bylaws including majority voting on routine matters and exclusive Delaware forum for derivative suits.
Directors now removable only for cause by 66% stockholder vote; board can change director count without stockholder vote.
Company may pursue reverse stock split to cure deficiency if needed.

Key facts

Extracted from this filing and checked against the source text.

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

Processa Pharmaceuticals, Inc. received a nasdaq extension granted notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: extension granted
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

September 19, 2023, the Company received a letter from the Staff notifying that the Company is eligible for a second 180-day period, or until March 18, 2024 (the “Second Grace Period”) to regain compliance with the Bid Price Requirement. According to the notification from Nasdaq, the Staff’s determination was based on (i) the Company meeting the continued listing requirement for market value of its publicly held shares and all other Nasdaq initial listing standards, with the exception of the minimum bid price requirement, and (ii) the Company’s written notice to Nasdaq of its intention to cure

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

Processa Pharmaceuticals, Inc. received a nasdaq noncompliance notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

March 22, 2023, Processa Pharmaceuticals, Inc. (the “Company”) received a letter (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”). On September 19, 2023, the Company received a letter from the Staff notifying that the Company is eligible fo

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Processa Pharmaceuticals, Inc.: Amended and Restated Bylaws adopted, changing vote standard for routine matters to majority of votes cast, permitting stockholder action by written consent, modifying director removal to for-cause only with 66% vote, changing director count and vacancy procedures, removing indemnification exceptions (effective 2023-09-18).

Change: bylaw amendment
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023, the Board of Directors (the “Board”) of the Company adopted the Amended and Restated Bylaws (as amended, the “Bylaws”).

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Processa Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-033372

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