Palatin Technologies Faces NYSE Delisting Amidst Appeal Plans for Compliance

CRANBURY, N.J. – April 10, 2025 – Palatin Technologies, Inc. (NYSE American: PTN), a prominent player in the biopharmaceutical sector, is currently navigating a challenging situation after receiving a notice from NYSE American regarding their potential delisting. The NYSE Regulation has cited the company's failure to meet essential stockholder equity requirements as the basis for this notice, which was made public on April 10, 2024.

The company was afforded an 18-month compliance plan to rectify this situation but was unable to demonstrate that they had regained compliance with the applicable Sections 1003(a)(i), (ii), and (iii) by the deadline. With the expiration of this compliance period, Palatin Technologies now faces the risk of suspension and delisting from the NYSE American exchange.

Next Steps and Company Response

Palatin Technologies has communicated its intention to appeal the NYSE's determination. The appeal must be lodged by April 25, 2025, during which the company maintains that their common stock will continue trading on the NYSE American as the appeal process unfolds. The decision by the Listings Qualifications Panel will be pivotal, as it can either uphold the delisting or permit the Company to continue trading while they work towards compliance.

Waiting to hear back from the Panel, the company has emphasized its commitment to address the issues raised in the NYSE’s notification. Regaining compliance remains a top priority. However, the company has warned that there are no guarantees they will meet compliance requirements before any hearing takes place.

Forward-Looking Statements

In their official statement, Palatin Technologies made some forward-looking assertions regarding their situation. These comments – part of a broader communication strategy – suggest a hopeful outlook on their ability to successfully appeal the delisting determination and undertake necessary measures to regain compliance. Nevertheless, the company recognizes the inherent uncertainties, risks, and potential pitfalls that may affect their operational capabilities and stock performance moving forward.

Context on Palatin Technologies

Palatin Technologies specializes in developing innovative medicines centered on the melanocortin receptor system. Their research has focused on creating first-in-class therapies intended to address unmet medical needs. As they navigate this current challenge, stakeholders will be monitoring the company's next steps closely, thinking about potential impacts on its operational trajectory and market position.

Conclusion

The situation at Palatin Technologies serves as a stark reminder of the complexities surrounding financial compliance in the biopharmaceutical sector. As the company gears up for its appeal against the delisting from NYSE American, there’s much at stake for not only the company but also its investors and the patients relying on their potential therapies. The outcome of the appeal could significantly alter the company's future course in the intricately woven landscape of healthcare innovation.

As developments occur, market watchers and investors will undoubtedly keep a close eye on Palatin Technologies, eager to see how this tale of compliance, appeal, and resilience unfolds.