Item 3.01. Notice of Delisting or Failure To Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 5, 2023, Titan Pharmaceuticals, Inc. (the "Company") received a notice
(the "Notice") from the Listing Qualifications staff of The Nasdaq Stock Market
("Nasdaq") notifying the Company that the Company's stockholders' equity as
reported in its Annual Report on Form 10-K for the period ended December 31,
2022 ("2022 10-K"), did not satisfy the continued listing requirement under
Nasdaq Listing Rule 5550(b)(1) for the Nasdaq Capital Market, which requires
that a listed company's stockholders' equity be at least $2,500,000. In its 2022
10-K, the Company reported stockholders' equity of $1,363,000, and, as a result,
does not currently satisfy Nasdaq Marketplace Rule 5550(b)(1).
The Notice has no immediate effect on the Company's listing on the Nasdaq
Capital Market. In accordance with Nasdaq rules, the Company has 45 calendar
days from the date of the notification to submit a plan to regain compliance
with Nasdaq Listing Rule 5550(b)(1). The Company intends to submit a compliance
plan within 45 days of the date of the notification and will evaluate available
options to resolve the deficiency and regain compliance. If the Company's
compliance plan is accepted, the Company may be granted up to 180 calendar days
from April 5, 2023 to evidence compliance.
Item 5.08. Shareholder Nominations Pursuant to Exchange Act Rule 14a-11.
On April 10, 2023, the Board of Directors (the "Board") of the Company
determined that the Company's 2022 Annual Meeting of Stockholders (the "Annual
Meeting") will be held at the offices of Olshan Frome Wolosky LLP, located at
1325 Avenue of the Americas, 15th Floor, New York, New York 10019, on June 19,
2023 at 9:00 a.m. (EST). Stockholders of record of the Company's common stock at
the close of business on May 1, 2023 will be entitled to notice of, and to vote
at, the Annual Meeting. The Company, however, reserves the right to change the
record date, meeting date, and meeting location prior to the Annual Meeting.
Since the Company did not hold an annual stockholder meeting during 2022,
stockholders of the Company who wish to have a proposal considered for inclusion
in the Company's proxy materials for the Annual Meeting pursuant to Rule 14a-8
under the Securities Exchange Act of 1934, as amended, must ensure that such
proposal is delivered to or mailed to and received by the Company's Secretary at
Titan Pharmaceuticals, Inc., 400 Oyster Point Blvd, Suite 505, South San
Francisco, California 94080 on or before the close of business on April 24,
2023, which date the Company has determined be a reasonable time before it
expects to begin to print and distribute its proxy materials.
In addition to complying with the April 24, 2023 deadline, stockholder director
nominations and stockholder proposals intended to be considered for inclusion in
the Company's proxy materials for the Annual Meeting must also comply with all
applicable Securities and Exchange Commission rules, including Rule 14a-8,
Delaware corporate law and the Bylaws of Titan Pharmaceuticals, Inc. in order to
be eligible for inclusion in the proxy materials for the Annual Meeting. Any
director nominations and stockholder proposals received after the April 24, 2023
deadline will be considered untimely and will not be considered for inclusion in
the proxy materials for the Annual Meeting nor will it be considered at the
Annual Meeting.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data (embedded within the Inline XBRL document).
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