Business Context and Reporting Period
This Form 8-K was filed by Processa Pharmaceuticals, Inc. on December 11, 2017. The report details corporate actions confirmed by the Financial Industry Regulatory Association (FINRA), including a reverse stock split, a name change from Heatwurx, Inc., and a change in trading symbol and CUSIP number.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only quantitative metric disclosed is the post-split share count of approximately 35,272,557 shares of common stock issued and outstanding.
Material Changes
- Reverse Stock Split: A 1-for-7 reverse split was executed.
- Name Change: The company officially changed its name from Heatwurx, Inc. to Processa Pharmaceuticals, Inc.
- Trading Symbol: The new symbol is "PCSAD" (with a "D" suffix indicating the pending split adjustment) for 20 business days, after which it will revert to "PCSA".
- CUSIP: The new CUSIP number is 74275C106.
- Market Effective Date: December 8, 2017.
Outlook and Management Commentary
Management announced the launch of a new website (http://www.processapharma.com) to assist stakeholders in following the company's mission and products in development. No specific financial guidance, risk factors, or contingencies were disclosed in this filing.
Investor Verification Checklist
- Verify the current trading symbol status (PCSAD vs. PCSA) based on the 20-business-day timeline.
- Confirm the adjusted share count of approximately 35.27 million shares.
- Review the attached press release (Exhibit 99.1) for details on the company's new pharmaceutical focus.
- Check subsequent filings for financial data, as this 8-K contains no financial statements.