Pasithea Therapeutics Corp. (KTTA) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Pasithea Therapeutics Corp. on June 23, 2025. The Company is an emerging growth company incorporated in Delaware with principal executive offices in Miami Beach, Florida. Its common stock (KTTA) and warrants (KTTAW) are listed on The Nasdaq Capital Market.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a regulatory listing matter and does not contain financial performance data.
Material Changes
On June 23, 2025, the Company received a written notice from Nasdaq indicating non-compliance with the $1.00 minimum bid price requirement (Listing Rule 5550(a)(2)). This deficiency is based on the closing bid price of the Company's common stock for the 30 consecutive business days prior to the notice. The notice does not result in immediate delisting.
Outlook, Risks, and Management Commentary
- Compliance Period: The Company has been granted an initial 180 calendar days, until December 22, 2025, to regain compliance.
- Path to Compliance: Compliance will be confirmed if the bid price closes at or above $1.00 per share for a minimum of ten consecutive business days during the compliance period.
- Alternative Options: If the Company fails to regain compliance within the initial period, it may be eligible for an additional 180-day period if it meets other listing requirements and notifies Nasdaq of its intention to cure the deficiency, potentially via a reverse stock split.
- Delisting Risk: Failure to regain compliance or cure the deficiency may lead to a delisting determination, which the Company may appeal to a hearings panel.
- Operational Impact: Management states that the receipt of the notice does not affect the Company's business, operations, or SEC reporting requirements.
Key Facts for Investor Verification
- Verify the current closing bid price of KTTA to assess proximity to the $1.00 threshold.
- Monitor the Company's announcements regarding potential reverse stock splits or other capital structure changes intended to restore compliance.
- Confirm the Company's status regarding other Nasdaq listing requirements (e.g., market value of publicly held shares) which are prerequisites for a second compliance period.
- Track the deadline of December 22, 2025, for the initial compliance period expiration.