Nov. 20 at 10:24 PM
$KTTA
In the KTTA (Pasithea) S-1, the company has not signed the deal yet.
How do we know? Because the S-1 is clearly labeled:
“Preliminary prospectus — subject to completion.”
Additionally, there is no signing date listed anywhere in the document.
This means:
👉 The Minimum Price has not been determined yet.
👉 The offering price is not final.
👉 The company is using a placeholder price (
$0.7179) solely for calculation purposes.
Under Nasdaq Rule 5635(d), the Minimum Price is defined as the higher of:
1. The closing price on the day before the company signs the agreement
2. The average closing price over the five trading days before signing
If the deal were signed today — as I assumed based on the price drop — and the last closing price was
$0.4151, then the requirement would be calculated as follows:
Add
$0.125 →
$0.4151 +
$0.125 =
$0.5401
