Petros Pharmaceuticals(PTPI.US)

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Petros Pharmaceuticals Faces Nasdaq Delisting After Trading Suspension

Petros Pharmaceuticals Inc. has received a notice from Nasdaq regarding the impending delisting of its common stock after trading was suspended on May 22, 2025. The shares are currently trading on the OTCID® Basic Market under the symbol "PTPI." Nasdaq will file a Form 25 with the SEC to finalize the delisting, effective ten days post-filing. Despite this, Petros Pharmaceuticals' stock will continue to trade on the OTCID, and the company will maintain its SEC reporting obligations.

Petros Pharmaceuticals Inc. Changes Auditors Amid Internal Control Weakness Concerns

Petros Pharmaceuticals Inc. has changed its independent auditor, dismissing CBIZ CPAs P.C. and appointing HTL International, LLC for the fiscal year ending December 31, 2025. This decision, approved by the Audit Committee, follows CBIZ CPAs' acquisition of Marcum LLP's attest business. The filing noted no disagreements with CBIZ CPAs, aside from a previously disclosed material weakness in internal controls.

Petros Pharmaceuticals Announces Strategic Deconsolidation of Metuchen Pharmaceuticals to Strengthen Balance Sheet and Improve Equity Position

Petros Pharmaceuticals Inc. has announced the deconsolidation of its subsidiary, Metuchen Pharmaceuticals LLC, to strengthen its financial position. This strategic move aims to enhance the balance sheet, increase stockholders’ equity, and reduce consolidated debt. The company is also appealing Nasdaq’s delisting decision and believes this reorganization will help regain compliance. Further financial details will be disclosed in future SEC filings.

Petros Pharmaceuticals Releases Pro Forma Financial Statements Highlighting M&A Impact with Vivus Deconsolidation

Petros Pharmaceuticals Inc. has released unaudited pro forma consolidated balance sheets reflecting the financial impact of its recent M&A activities, including the deconsolidation of subsidiaries and a settlement with Vivus. As of March 31, 2025, the company’s issued shares increased to 2,052,762, and additional paid-in capital rose to approximately $115.99 million. Adjustments also included a reduction in liabilities, particularly accounts payable and accrued expenses, providing a clearer view of the company's financial position post-transactions.