Titan Pharmaceuticals, Inc. reported on November 27, 2024, that it received two separate notices from The Nasdaq Stock Market LLC regarding non-compliance with continued listing requirements. The first notice, received on November 22, 2024, cited the company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. This constitutes a violation of Nasdaq Listing Rule 5250(c)(1).
The company has 60 calendar days from the receipt of the notice, until January 21, 2025, to submit a plan to regain compliance for the late filing. If accepted, Nasdaq may grant an exception period of up to 180 calendar days, or until May 19, 2025, to fully regain compliance. Failure to address this could lead to delisting.
Additionally, on November 25, 2024, Titan received a second notice from Nasdaq regarding non-compliance with audit committee requirements under Listing Rule 5605. This followed the appointment of Brynner Chiam as Acting Principal Executive Officer and Acting Principal Financial Officer on November 6, 2024. Nasdaq has provided a cure period, and the company intends to appoint an additional independent director to the Board and Audit Committee to resolve this issue.
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