Petros Pharmaceuticals files for liquidation via General Assignment

Petros Pharmaceuticals, Inc. (NASDAQ: PTPI) has ceased substantially all business operations following a General Assignment for the Benefit of Creditors executed on September 30, 2026. The New York-based company assigned all rights, title, and interest in its assets to PT Liquidation, LLC, under California law, to satisfy creditor claims to the extent possible.

The filing, submitted to the U.S. Securities and Exchange Commission, classifies the assignment as a liquidation event. PT Liquidation, LLC will take possession of the company's assets and administer them according to applicable state law. As a direct result of this transfer, Petros Pharmaceuticals no longer maintains the ability to continue as a going concern.

The execution of the assignment triggered immediate financial obligations under the company's existing agreements. The move constituted an event of default under certain contractual obligations and activated a triggering event under the Certificate of Designations for the company's Series A Convertible Preferred Stock. Consequently, all outstanding obligations under these agreements may be immediately due and payable. The company is also required to immediately redeem all outstanding shares of the Series A Convertible Preferred Stock in accordance with the applicable Certificate of Designations.

Corporate leadership departed in connection with the liquidation process. Joshua N. Silverman, Executive Chairman; Bruce T. Bernstein, Director; and Wayne R. Walker, Director resigned from the Board of Directors effective September 30, 2026. Fady Boctor was terminated as President and Chief Commercial Officer on the same date. Additionally, Robert Weinstein resigned as Chief Accounting Officer, Principal Financial Officer, and Principal Accounting Officer at 5:30 p.m. Eastern time on September 30, 2026. The filing states that these departures were not the result of any disagreement with the company regarding its operations, policies, or practices.

PT Liquidation, LLC is located at 2261 Market Street, Suite 95526, San Francisco, CA 94114. The Form 8-K notes that the assignment process involves risks and uncertainties, including the assignee's ability to administer assets and claims effectively. Actual results regarding potential distributions to creditors may differ materially from any expressed or implied expectations.