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ProMIS Neurosciences Inc. reported the departure of Gavin T. Malenfant, its Chief Operating Officer (COO), effective February 14, 2025. The micro-cap company, currently valued at $31 million and trading near its 52-week low of $0.88, is listed on the Nasdaq Capital Market under the ticker (NASDAQ:PMN). The announcement came through a Form 8-K filing with the U.S. Securities and Exchange Commission on Wednesday.
According to the filing, the separation was in accordance with the terms of Malenfant’s employment agreement, dated June 22, 2022. A forthcoming Separation Agreement will outline the severance benefits that Malenfant will receive. The company, which maintains strong liquidity with a current ratio of 9.3, stated that it has terminated the COO position and does not plan to seek a replacement for Mr. Malenfant. InvestingPro analysis reveals several additional key metrics about the company’s financial health.
ProMIS Neurosciences, based in Toronto, Canada, operates in the pharmaceutical preparations industry under the SIC code 2834. The company, previously known as Amorfix Life Sciences Ltd., has undergone a name change since its incorporation.
This corporate update comes without additional details regarding the reasons for the separation or the specific terms of the severance package. ProMIS Neurosciences has not made any statements about the impact of this executive change on its operations or strategic direction.
The information provided in this article is based on the company’s recent SEC filing.
In other recent news, ProMIS Neurosciences Inc. has been notified by the Nasdaq Stock Market LLC about non-compliance with the exchange’s minimum bid price requirement. The company’s common shares have not met the $1 minimum bid price as stipulated by Nasdaq’s Listing Rule 5550(a)(2) for 30 consecutive trading days. ProMIS Neurosciences has been given a 180-day period, ending on July 2, 2025, to regain compliance by ensuring the closing bid price of its shares is at least $1.00 per share for ten consecutive trading days. If the company fails to meet this requirement within the given timeframe, it may qualify for an additional 180-day grace period, provided it complies with all other listing criteria. The company is actively considering options to address this issue and regain compliance, though there is no certainty of success. ProMIS Neurosciences has expressed its intention to monitor its share price closely and explore available solutions to meet Nasdaq’s standards. This development was disclosed in a recent SEC filing by the company.
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