Company: MIRA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024077
Chunk: 22

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 22
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1
million in disgorgement proceeds.

18

Nasdaq
Listing Compliance Risk Due to Stockholders’ Equity Deficiency

We
have received a notice from Nasdaq indicating that we are not in compliance with its minimum stockholders’ equity requirement,
and there can be no assurance that we will be able to regain compliance or maintain our listing.

On
April 8, 2025, we received a notification from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as of the filing of
our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, we were not in compliance with Nasdaq Listing Rule 5550(b)(1),
or the Rule, which requires listed companies to maintain a minimum of $2.5 million in stockholders’ equity. In accordance with
Nasdaq’s procedures, we submitted a plan to regain compliance.

Our
plan includes a number of steps intended to cure the deficiency, including the anticipated closing of a strategic merger with SKNY Pharmaceuticals,
Inc. in the third quarter of 2025, which we expect will add approximately $5 million in cash or other assets to our balance
sheet. In addition, we currently have access to approximately $6.6 million in available capital through our at-the-market (ATM) offering
facility (Note 5 of accompanying financial statements), which we may utilize to further strengthen our stockholders’ equity position.
On May 7, 2025, Nasdaq accepted our plan and granted an extension to regain compliance with the Rule. The terms of the extension are
as follows: on or before October 6, 2025 the company must complete the financing transactions and evidence compliance with the Rule.

On
July 1, 2025, under the ATM Agreement, the Company sold and issued 17,373
shares of common stock at an average price per share of $1.3121 and received net proceeds of approximately $0.2 million after deducting
commissions and other fees of $570.

On July 3, 2025, the Company, sold a total of 1,540,741 shares of its common stock, par value $0.001, in block sales
to an institutional investor, at an average price of $1.2981 share (a premium to the prior days close), through its at-the-market equity
offering facility (the “Offering”). Gross proceeds from the Offering totaled approximately $2.0 million