Form 8-K - Current report
September 19 2023 - 4:59PM
Edgar (US Regulatory)
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2023-09-19
2023-09-19
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
September 19, 2023
Journey Medical Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware | |
001-41063 | |
47-1879539 |
(State or Other Jurisdiction of Incorporation) | |
(Commission File Number) | |
(IRS
Employer Identification No.) |
9237 E Via de Ventura Blvd., Suite 105
Scottsdale, AZ 85258
(Address of Principal Executive Offices)
(480) 434-6670
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications
pursuant to Rule 425 under the Securities Act.
¨ Soliciting material pursuant
to Rule 14a-12 under the Exchange Act.
¨ Pre-commencement communications
pursuant to Rule 14d-2b under the Exchange Act.
¨ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act.
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
DERM |
Nasdaq Capital Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter). x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
As previously disclosed, on August 15, 2023, Journey
Medical Corporation (the “Company”) had been notified by the Staff of the Listing Qualifications Department (the “Staff”)
of The Nasdaq Stock Market LLC (“Nasdaq”) that it was not in compliance with Nasdaq Listing Rule 5550(b)(1), which
requires a company to maintain a minimum of $2.5 million in stockholders’ equity (the “Stockholders’ Equity Requirement”)
to remain listed on The Nasdaq Capital Market, nor did it meet the alternatives of market value of listed securities or net income from
continuing operations. Pursuant to the Nasdaq Listing Rules, the Staff may grant the Company an extension to regain compliance with the
Stockholders’ Equity Requirement not to exceed February 11, 2024. The Company has until September 29, 2023, to submit such a plan,
if necessary.
Also, as previously disclosed, on August 31, 2023,
the Company entered into a license agreement (the “New License Agreement”) with Maruho Co., Ltd., a Japanese company
specializing in dermatology (“Maruho”), whereby the Company granted an exclusive license to Maruho to develop and commercialize
Qbrexza® for the treatment of primary axillary hyperhidrosis in certain jurisdictions in exchange for, among other things, Maruho
paying the Company $19 million. As a result of the payment made under the New License Agreement, the Company believes that, as of the
date of this Current Report on Form 8-K, it satisfies the Stockholders’ Equity Requirement for continued listing on The Nasdaq Capital
Market. The Company is awaiting a formal compliance determination from the Staff and will provide an update upon receipt of such determination.
The Company’s determination of stockholders’
equity is based on estimates and information available to it as of the date of this Current Report on Form 8-K, is not a comprehensive
statement of its financial results or position as of or for the quarter ended September 30, 2023, and has not been audited, reviewed or
compiled by the Company’s independent registered public accounting firm. The Company’s financial closing procedures for the
quarter ended September 30, 2023, are not yet complete and, as a result, stockholders’ equity upon completion of its closing procedures
may vary from this preliminary estimate.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
Journey Medical Corporation |
|
(Registrant) |
|
|
Date: September 19, 2023 |
|
|
|
|
By: |
/s/ Claude Maraoui |
|
|
Claude Maraoui |
|
|
Chief Executive Officer, President and Director |
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