Company: PTPI
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021794
Chunk: 32

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 32
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, trustee or other nominee as to how to vote on the Issuance
Proposal will result in a broker non-vote, which will have no effect on the results of this vote.

<div align='center'>THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE ISSUANCE PROPOSAL
DISCLOSED IN THIS PROXY STATEMENT, AND PROXIES SOLICITED BY THE BOARD WILL BE
VOTED IN FAVOR THEREOF UNLESS A STOCKHOLDER HAS INDICATED OTHERWISE ON THE PROXY.

21

PROPOSAL NO. 2 - THE REVERSE STOCK SPLIT PROPOSAL</div>

Background and Proposed Amendment

Our Amended and Restated
Certificate of Incorporation (as amended, the “Charter”) currently authorizes the Company to issue a total of 300,000,000
shares of capital stock, consisting of 250,000,000 shares of Common Stock and 50,000,000 shares of preferred stock, par value $0.0001
per share (the “Preferred Stock”).

On May 15, 2024, we
received a letter from Nasdaq indicating that, based upon the closing bid price of our Common Stock for 30 consecutive business day period
between April 3, 2024, through May 14, 2024, the Company did not meet the minimum bid price of $1.00 per share required for
continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Nasdaq Minimum Bid Price Rule”).
We were provided a period of 180 calendar days, or until November 11, 2024 (the “Compliance Period”), in which to regain
compliance with the Nasdaq Minimum Bid Price Rule. On November 12, 2024, the Company received notice from the Staff granting the
Company’s request for a 180-day extension to regain compliance with the Nasdaq Minimum Bid Price Rule, or, until May 12, 2025
(the “Compliance Period”). In order to regain compliance with the Nasdaq Minimum Bid Price Rule, the Company’s Common
Stock must maintain a minimum closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. However,
if it appears to Nasdaq that the Company will be unable to cure the deficiency Nasdaq will provide notice that the Company’s Common
Stock will be subject to delisting.