PSTV 8-K — Smart Summary

Plus Therapeutics, Inc. (Nasdaq: PSTV) received a notice from Nasdaq on June 3, 2025 that it is not in compliance with the Minimum Stockholders' Equity Requirement after reporting a stockholders' equity deficit of ($23,641,000) for the period ended March 31, 2025. Nasdaq's staff has determined to delist the Company's securities unless the Company timely appeals the decision to a Hearings Panel. The Company plans to request a hearing to contest the delisting determination and maintain its Nasdaq listing.

• On June 3, 2025, Plus Therapeutics received a letter from the Nasdaq Listing Qualifications Department (the 'Staff') confirming the Company had regained compliance with Nasdaq Rule 5250(c)(1) by filing its Form 10-Q for the period ended March 31, 2025 with the SEC on May 30, 2025.
• On the same date, June 3, 2025, the Staff also notified the Company (the 'June 3 Letter') that it was not in compliance with the Minimum Stockholders' Equity Requirement under Nasdaq Listing Rule 5550(b)(1), which requires a minimum of $2.5 million in stockholders' equity for continued listing on The Nasdaq Capital Market.
• Alternative compliance thresholds also not met include: market value of listed securities of $35 million, or net income from continuing operations of $500,000 in the most recently completed fiscal year or two of the last three most recently completed fiscal years.
• The Company reported stockholders' equity (deficit) of ($23,641,000) in its Form 10-Q for the period ended March 31, 2025, triggering the non-compliance determination.
• As background, on March 8, 2024, the Company had previously received a written notice from Nasdaq regarding non-compliance with the Minimum Stockholders' Equity Requirement.
• On March 7, 2025, the Company received notification from Nasdaq that it had regained compliance with the Minimum Stockholders' Equity Requirement and was subject to a Mandatory Panel Monitor until March 7, 2026.
• As a result of the June 3 non-compliance determination, Nasdaq's Staff has determined to delist the Company's securities from Nasdaq unless the Company timely requests an appeal to a Hearings Panel (the 'Panel') pursuant to Nasdaq Listing Rule 5800 Series procedures.
• The Company must request a hearing no later than 4:00 p.m. Eastern Time on June 10, 2025.
• The Company plans to request a hearing before the Panel to appeal the June 3 Letter and to address all outstanding matters, including compliance with the Minimum Stockholders' Equity Requirement; as of the filing date, the hearing date had not been set.
• While the appeal is pending, the suspension of trading of the Company's common stock (par value $0.001 per share, ticker: PSTV) will be stayed, and the Common Stock will continue to trade on The Nasdaq Capital Market until the hearing process concludes and the Panel issues a written decision.
• Hearings are typically scheduled approximately 30-45 days after the date of the hearing request.
• There is no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able to demonstrate compliance with Nasdaq Listing Rule 5550(b)(1) within any additional compliance period that may be granted.