Business Context and Reporting Period
Company: Acurx Pharmaceuticals, Inc. (ACXP)
Filing Type: Form 8-K (Current Report)
Date of Report: March 25, 2025
Reporting Period: Event-based report regarding Nasdaq listing compliance status based on the Annual Report for the year ended December 31, 2024.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. However, it references the following conditions derived from the Company's 2024 Form 10-K that triggered the listing notice:
- Market Value of Listed Securities: Less than $35,000,000.
- Annual Net Income: Less than $500,000.
- Stockholders' Equity: Below the required minimum of $2,500,000 for companies meeting the above criteria under Nasdaq Listing Rule 5550(b)(1).
Material Changes
On March 25, 2025, the Company received a formal Notice from The Nasdaq Stock Market LLC stating it is not in compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market. This determination is based on financial data from the fiscal year ended December 31, 2024.
Outlook, Risks, and Contingencies
Compliance Timeline:
- The Company has 45 calendar days (until May 9, 2025) to submit a Compliance Plan to regain compliance.
- If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days to achieve compliance.
- There is no assurance that the Compliance Plan will be accepted by Nasdaq.
- There is no assurance that the Company will be able to regain compliance even if a plan is accepted.
- If the plan is rejected, the Company's common stock will be subject to delisting.
- The Company retains the right to appeal a delisting determination to a Nasdaq Hearing Panel.
Investor Verification Checklist
- Verify the exact stockholders' equity figure reported in the 2024 Form 10-K.
- Monitor the submission of the Compliance Plan by the May 9, 2025 deadline.
- Review the Company's strategy for raising equity or improving financial metrics to meet the $2,500,000 threshold.
- Watch for any subsequent 8-K filings regarding the acceptance or rejection of the Compliance Plan.