Palatin Technologies Announces Transition to OTC Pink Following NYSE American Delisting Notice
Palatin Technologies (PTN) has received a delisting notice from NYSE American due to its low stock price, resulting in immediate suspension of trading on the exchange. The company's shares will transition to trading on the OTC Pink Market under the symbol "PTNT" starting May 8, 2025.
The company plans to appeal the delisting decision by the deadline of May 14, 2025, though success is not guaranteed. CEO Carl Spana expressed disappointment but affirmed the company's commitment to advancing their business plan and increasing stockholder value. Palatin Technologies focuses on developing first-in-class medicines targeting the melanocortin receptor system.
Palatin Technologies (PTN) ha ricevuto un avviso di esclusione dalla quotazione dalla NYSE American a causa del prezzo basso delle azioni, con conseguente sospensione immediata delle negoziazioni sul mercato. Le azioni della societ脿 passeranno a essere negoziate sul OTC Pink Market con il simbolo "PTNT" a partire dall'8 maggio 2025.
L'azienda intende presentare ricorso contro la decisione di esclusione entro la scadenza del 14 maggio 2025, anche se il successo non 猫 garantito. Il CEO Carl Spana ha espresso delusione, ma ha confermato l'impegno della societ脿 nel portare avanti il proprio piano aziendale e nell'aumentare il valore per gli azionisti. Palatin Technologies si concentra sullo sviluppo di farmaci innovativi che agiscono sul sistema dei recettori melanocortinici.
Palatin Technologies (PTN) ha recibido un aviso de exclusi贸n de la NYSE American debido al bajo precio de sus acciones, lo que ha provocado la suspensi贸n inmediata de la negociaci贸n en la bolsa. Las acciones de la compa帽铆a pasar谩n a cotizar en el OTC Pink Market bajo el s铆mbolo "PTNT" a partir del 8 de mayo de 2025.
La empresa planea apelar la decisi贸n de exclusi贸n antes del plazo del 14 de mayo de 2025, aunque no se garantiza el 茅xito. El CEO Carl Spana expres贸 su decepci贸n, pero afirm贸 el compromiso de la compa帽铆a de avanzar en su plan de negocios y aumentar el valor para los accionistas. Palatin Technologies se enfoca en desarrollar medicamentos innovadores que act煤an sobre el sistema de receptores melanocort铆nicos.
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Palatin Technologies (PTN) a re莽u un avis de radiation de la NYSE American en raison du faible cours de ses actions, entra卯nant la suspension imm茅diate des 茅changes sur la bourse. Les actions de la soci茅t茅 seront cot茅es sur le march茅 OTC Pink sous le symbole "PTNT" 脿 partir du 8 mai 2025.
L'entreprise pr茅voit de faire appel de la d茅cision de radiation avant la date limite du 14 mai 2025, bien que le succ猫s ne soit pas garanti. Le PDG Carl Spana a exprim茅 sa d茅ception, mais a r茅affirm茅 l'engagement de la soci茅t茅 脿 faire avancer son plan d'affaires et 脿 augmenter la valeur pour les actionnaires. Palatin Technologies se concentre sur le d茅veloppement de m茅dicaments innovants ciblant le syst猫me des r茅cepteurs m茅lanocortines.
Palatin Technologies (PTN) hat von der NYSE American aufgrund des niedrigen Aktienkurses eine Delisting-Mitteilung erhalten, was zu einer sofortigen Aussetzung des Handels an der B枚rse f眉hrte. Die Aktien des Unternehmens werden ab dem 8. Mai 2025 unter dem Symbol "PTNT" am OTC Pink Market gehandelt.
Das Unternehmen plant, gegen die Delisting-Entscheidung bis zur Frist am 14. Mai 2025 Berufung einzulegen, wobei ein Erfolg nicht garantiert ist. CEO Carl Spana 盲u脽erte Entt盲uschung, bekr盲ftigte jedoch das Engagement des Unternehmens, den Gesch盲ftsplan voranzutreiben und den Wert f眉r die Aktion盲re zu steigern. Palatin Technologies konzentriert sich auf die Entwicklung erstklassiger Medikamente, die das Melanocortin-Rezeptorsystem ansprechen.
- None.
- Delisting from NYSE American due to low stock price
- Immediate trading suspension on NYSE American
- Downgrade to less prestigious OTC Pink Market trading
- Potential reduced visibility and trading liquidity for shareholders
Insights
NYSE American delisting moves Palatin to less prestigious OTC Pink market, signaling serious concerns about company's market position.
Palatin Technologies' delisting from NYSE American represents a significant negative development that drastically changes the company's market status. The exchange specifically cited the low selling price of Palatin's common stock as the basis for delisting under Section 1003(f)(v) of the NYSE American Company Guide. This has triggered immediate suspension of trading on the exchange, forcing transition to the OTC Pink Market under the new ticker symbol "PTNT" beginning May 8, 2025.
This transition to OTC Pink鈥攐ften called the "pink sheets"鈥攎aterially changes Palatin's market profile. OTC Pink markets have substantially lower listing requirements than national exchanges and typically feature:
- Reduced trading liquidity and wider bid-ask spreads
- Decreased institutional investor participation
- Minimal financial reporting requirements
- Less visibility and market attention
While Palatin has until May 14, 2025 to appeal the determination, history shows such appeals rarely succeed without substantial changes to a company's financial condition or share price. CEO Carl Spana's statement that the company has "valuable assets" and remains committed to its business plan provides little concrete information about how the company might address the underlying issues that led to the delisting.
The transition from a national exchange to OTC Pink is a clear indication that market participants have significant concerns about Palatin's current trajectory. For a biopharmaceutical company developing melanocortin receptor system medicines, this market demotion may create additional obstacles at a time when maintaining investor confidence is particularly crucial.
The Company Intends to Request a Review of the Delisting Determination
As a result, trading of Palatin's common stock on the NYSE American has been immediately suspended, and the shares will transition to the OTC Pink Market under the ticker symbol "PTNT" beginning on May 8, 2025.
Palatin intends to appeal the delisting decision, although there can be no assurance that any such appeal will be successful. The Company has until May 14, 2025 to appeal the NYSE American's decision.
"We are disappointed with the delisting determination," said Carl Spana, Ph.D., President and CEO of Palatin Technologies. "We continue to believe the Company has valuable assets and the actions of NYSE American will in no way deter our commitment to advance our business plan and increase stockholder value."
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 transition of the Company's common stock to the OTC Pink Market and the Company's appeal of the NYSE American's delisting determination, 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.
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SOURCE Palatin Technologies, Inc.
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