Full Press Release Details
Company working aggressively to regain compliance
Common stock to continue to trade on NYSE American during the appeal process
CRANBURY, N.J., April 14, 2025 /PRNewswire/ -- Palatin Technologies, Inc. (the "Company") (NYSE American: PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, announced today that it has formally appealed the NYSE Regulation determination to delist its common stock.
NYSE Regulation determined the Company was unable to demonstrate that it had regained compliance with Sections 1003(a)(i), (ii) and (iii), related to stockholders' equity requirements, by the end of the maximum 18-month compliance plan period, which expired on April 10, 2025.
Palatin's common stock will continue to trade on the NYSE American during the appeal process, which is expected to last 60-to-90-days. A final decision from the NYSE Listings Qualifications Panel will determine whether the stock remains listed or is delisted.
Palatin is actively implementing a plan to strengthen its financial position and regain compliance, including:
Accelerating out-licensing discussions across key development programs
Advancing equity financing negotiations
Exploring strategic funding opportunities
"We are moving quickly and deliberately to address the listing requirements," said Carl Spana, Ph.D., President and Chief Executive Officer of Palatin. "We believe the actions underway can restore compliance and create a stronger foundation for growth."
There can be no assurance the appeal will be successful. However, the Company is optimistic it will meet the listing requirement and remains committed to delivering value for its shareholders.
Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc., such as statements about the Company's appeal of the delisting determination or the Company's expectation that it may be able to regain compliance, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements.
Palatin Technologies® is a registered trademark of Palatin Technologies, Inc.
SOURCE Palatin Technologies, Inc.
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