{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-033372","form_type":"8-K","ticker":"PCSA","cik":"0001533743","company_name":"Processa Pharmaceuticals, Inc.","filed_at":"2023-09-21T23:59:59+00:00","discovered_at":"2026-05-14T18:03:34.225404+00:00","generated_at":"2026-06-10T10:38:58.099958+00:00","sec_items":["3.01","5.03","9.01"],"event_type":"regulatory","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Nasdaq grants Processa second 180-day grace period to meet $1.00 bid price rule","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-033372","json":"https://secwatch.observer/filing/0001493152-23-033372.json","markdown":"https://secwatch.observer/filing/0001493152-23-033372.md","text":"https://secwatch.observer/filing/0001493152-23-033372.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1533743/000149315223033372/0001493152-23-033372-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1533743/000149315223033372/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T10:38:58.099958+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"279eefed35dcce465e42fc97aeef07af9d51ad3f","claim":"Processa Pharmaceuticals, Inc. received a nasdaq extension granted notice regarding minimum bid price (rules 5550(a)(2)).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 3.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1533743/000149315223033372/0001493152-23-033372-index.htm","confidence":0.9,"family_label":"Listing & Compliance Notices","details":[{"label":"Exchange","value":"nasdaq"},{"label":"Notice","value":"extension granted"},{"label":"Deficiency","value":"minimum bid price"},{"label":"Rules","value":"5550(a)(2)"}],"fact_type":"exchange_compliance_notice"},{"claim_id":"aa6d5ca0dc7572b544c0265b7a166a7f0d4ae063","claim":"Processa Pharmaceuticals, Inc. received a nasdaq noncompliance notice notice regarding minimum bid price (rules 5550(a)(2)).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 3.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1533743/000149315223033372/0001493152-23-033372-index.htm","confidence":0.9,"family_label":"Listing & Compliance Notices","details":[{"label":"Exchange","value":"nasdaq"},{"label":"Notice","value":"noncompliance notice"},{"label":"Deficiency","value":"minimum bid price"},{"label":"Rules","value":"5550(a)(2)"}],"fact_type":"exchange_compliance_notice"},{"claim_id":"4cd5453b33e4c7dce5820372f08f0c24fbec99dc","claim":"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).","evidence_excerpt":"On September 18, 2023, the Board of Directors (the “Board”) of the Company adopted the Amended and Restated Bylaws (as amended, the “Bylaws”).","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1533743/000149315223033372/0001493152-23-033372-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"bylaw amendment"},{"label":"Effective","value":"2023-09-18"}],"fact_type":"governance_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}