secwatch.observer — SEC 8-K summary
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Issuer:     TITAN PHARMACEUTICALS INC (—)
CIK:        0000910267
Form:       8-K
Filed at:   2023-09-18T23:59:59+00:00
Accession:  0001829126-23-006161
Event type: regulatory
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 3.01, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Titan Pharma receives Nasdaq delisting notice; raises $9.5M via convertible preferred stock
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- Nasdaq determination letter due to non-compliance with minimum bid price; suspension set for Sep 22, 2023 unless appeal.
- Company intends to appeal Nasdaq delisting determination; also addressing stockholders' equity deficiency.
- Private placement of 950,000 Series AA Convertible Preferred shares at $10 each for $9.5M to The Sire Group Ltd.
- Preferred shares convertible at $0.466 per share; up to ~20.4M common shares issuable upon conversion.
- David Lazar and Peter Chasey resign from Board; Lazar remains CEO; two replacement directors to be appointed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/910267/000182912623006161/0001829126-23-006161-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/910267/000182912623006161/titanpharma_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-006161

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