Jan. 7 at 4:54 PM
$PTIX
According to the SEC filing dated January 5, it is clear that the company intends to continue operations and meet the requirements for relisting on NASDAQ.
As I mentioned in my previous post, there are several steps the company needs to take. Clearly, the merger presented challenges that the company was not fully prepared for, particularly concerning the financial accounting requirements necessary for a successful merger. As often happens with smaller companies, it seems the organization lacked sufficient internal support to facilitate a smooth merger.
Let’s hope that the time required to complete the internal accounting measures needed for filing quarterly reports is kept to a minimum. Once these measures are completed and filed with the SEC, we can expect the secondary NASDAQ issue to be resolved, demonstrating that the valuation of the combined company significantly exceeds the minimum requirement for NASDAQ listing.