secwatch.observer — SEC 8-K summary
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Issuer:     TITAN PHARMACEUTICALS INC (—)
CIK:        0000910267
Form:       8-K/A
Filed at:   2023-09-19T23:59:59+00:00
Accession:  0001829126-23-006199
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 3.01, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Titan Pharma sells $9.5M Series AA Preferred; faces Nasdaq delisting
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- Sold 950,000 Series AA Preferred at $10/share to Sire Group for $9.5M aggregate.
- Initial conversion price $0.466/share; ~20.4M common shares issuable if fully converted.
- Nasdaq notified Titan of delisting due to bid price non-compliance; trading suspension Sept 22 unless appeal.
- Company also fails equity rule; intends to appeal and believes placement brings it into compliance.
- Directors David Lazar and Peter Chasey resigned; Lazar remains CEO.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/910267/000182912623006199/0001829126-23-006199-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/910267/000182912623006199/titanpharma_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-006199

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