SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act Of 1934
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OTC Markets Group – OTC Pink Market
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Item 8.01 Other Events.
Effective May 17, 2022 our common stock was downgraded from the OTCQB Market to the OTC Pink Market of the OTC Markets Group because we did not file our Annual Report on Form 10-K for 2021 within the applicable grace periods provided by the OTC Markets Group. We have also not filed our Quarterly Report on Form 10-Q for the first quarter ended March 31, 2022. Both of these reports could not be filed within the prescribed time period because of delays in the completion of management’s evaluation of the Company’s liquidity including the ability to meet day-to-day operation obligations.
We need to raise financing or enter into license or collaboration agreements relating to our technologies and we are working on funding solutions for our working capital requirements to fund continued operations and we will proceed as quickly as possible with filing these reports with the SEC and seek to gain relisting on the OTCQB Market. No assurance can be given that the Company will be successful in obtaining such financing and funding solutions or in securing license or collaboration agreements with third parties on acceptable terms, if at all, or if secured, that such financing or license or collaboration agreements will provide payments to the Company sufficient to fund continued operations. In the absence of such financing or third-party license or collaboration agreements, the Company will be required to scale back or terminate operations and/or seek protection under applicable bankruptcy laws. An extended delay or cessation of the Company’s continuing product development efforts will have a material adverse effect on the Company’s financial condition and results of operations.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|ACURA PHARMACEUTICALS, INC.|
|By:||/s/ Peter A. Clemens|
|Peter A. Clemens|
|Senior Vice President & Chief Financial Officer|
Date: May 19, 2022