Form 8-K - Current report
23 Agosto 2024 - 10:45PM
Edgar (US Regulatory)
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2024-08-23
2024-08-23
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 23, 2024 (August 21, 2024)
Lipella
Pharmaceuticals Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
005-93847 |
|
20-2388040 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
7800
Susquehanna St., Suite 505
Pittsburgh,
PA |
|
15208 |
(Address
of registrant’s principal executive office) |
|
(Zip
code) |
Registrant’s
telephone number, including area code: (412) 894-1853
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
|
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
Common
Stock, par value $0.0001 per share |
|
LIPO |
|
The Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
Item 3.01 |
Notice of Delisting
or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On August 21, 2024, Lipella Pharmaceuticals Inc. (the
“Company”) received a letter from the Nasdaq Listing Qualifications staff of The Nasdaq Stock Market LLC (the “Staff”)
stating that it was not in compliance with Rule 5550(b)(1) of The Nasdaq Stock Market LLC (“Rule 5550(b)(1)”), which requires
companies listed on the Nasdaq Capital Market (“Nasdaq”) to maintain a minimum of $2,500,000 in stockholders’ equity
for continued listing (the “Stockholders’ Equity Requirement”). The Company reported stockholders’ equity of $1,703,798
in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which is below the $2,500,000 threshold required by the Stockholders’
Equity Requirement. The Company is required to submit to the Staff a plan to regain compliance with the Stockholders’ Equity Requirement
for consideration by the Staff no later than October 7, 2024.
The Company intends to timely submit a compliance
plan for the Staff’s review. If the Staff accepts the plan, the Staff may grant the Company an extension of up to 180 calendar days
from August 21, 2024 (the “Extension Period”) to evidence compliance with the Stockholders’ Equity Requirement. If the
Staff does not accept the Company’s plan, the Company may request a hearing, at which hearing it would present its plan to a Nasdaq
hearings panel and request the continued listing of its common stock, par value $0.0001 per share (the “Common Stock”), on
Nasdaq pursuant to and pending the completion of such plan. During the pendency of the hearing process, the Common Stock would continue
to be listed on Nasdaq.
The Company anticipates regaining compliance with
the Stockholders’ Equity Requirement during the Extension Period. However, there can be no assurance that the Company will be able
to satisfy the Stockholders’ Equity Requirement, will otherwise be in compliance with other Nasdaq listing criteria, that the Staff
will grant the Company any extension of time to regain compliance with the Stockholders’ Equity Requirement or any other Nasdaq
listing requirements, or that any such appeal to the Nasdaq hearings panel will be successful, as applicable. The Company will consider
available options to resolve the Company’s non-compliance with the Stockholders’ Equity Requirement, as may be necessary.
If the Company does not regain compliance with the
Stockholders’ Equity Requirement within the allotted compliance period(s), including any extensions that may be granted by the Staff,
the Staff will provide notice that the Common Stock will be subject to delisting.
Cautionary Statement Regarding Forward-Looking
Statements
This Current Report on Form 8-K (this “Form
8-K”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements
that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s
future activities, or future events or conditions, including those related to future compliance with the Stockholders’ Equity Requirement,
which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,”
“aims,” “potential,” “future,” “intends,” “plans,” “believes,”
“estimates,” “continue,” “likely to” and other similar expressions intended to identify forward-looking
statements, although not all forward-looking statements contain these identifying words. These statements are not historical facts and
are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by
its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult
to predict, many of which are beyond the Company’s control, including risks related to the Company’s ability to regain compliance
with Nasdaq listing standards, the Company’s ability to obtain an additional compliance period for compliance with the Stockholders’
Equity Requirement, if needed, the Company’s ability to take actions that may be required for its continued listing on Nasdaq, the
Company’s current liquidity position and the need to obtain additional financing to support ongoing operations, and other risks
that may be included in the periodic reports and other filings that the Company files from time to time with the SEC. Therefore, actual
outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements. Any forward-looking
statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement
to reflect events or circumstances after the date of this Form 8-K, except as required by applicable law.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: August 23, 2024 |
Lipella Pharmaceuticals Inc. |
|
|
|
|
|
|
By: |
/s/ Jonathan
Kaufman |
|
|
|
Name:
Jonathan Kaufman
Title:
Chief Executive Officer |
|
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Grafico Azioni Lipella Pharmaceuticals (NASDAQ:LIPO)
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