Palatin Receives Notice of Non-Compliance from NYSE American

Palatin to Deliver Plan of Compliance to NYSE American

CRANBURY, N.J., Oct. 13, 2023 /PRNewswire/ -- Palatin Technologies, Inc. (NYSEAmerican:PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, today announced it received a notice from the staff of NYSE American LLC (the "Exchange") that Palatin was not in compliance with the Exchange's continued listing standards under Section 1003(a)(i) and (ii) of the NYSE American Company Guide. Section 1003(a)(i) requires a listed company to have stockholders' equity $2 million or more if the listed company has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years, and Section 1003(a)(ii) requires a listed company to have stockholders' equity of $4 million or more if the listed company has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. Palatin is now subject to the procedures and requirements of Section 1009 of the NYSE American Company Guide. Palatin has until November 9, 2023, to submit a plan (the "Plan") of actions it has taken or will take to regain compliance with the continued listing standards by April 10, 2025.