Failure to Satisfy Listing Rule (Form 8-K)

Conversion of Series AA Preferred Stock

On May 13, 2025, Titan Pharmaceuticals, Inc. (the "Company") received a Notice of Conversion from The Sire Group Ltd. ("Sire Group") informing the Company that Sire Group desired to convert 139,882 shares of its Series AA Convertible Preferred Stock, par value $0.001 per share (the "Series AA Preferred Stock") into shares of the Company's common stock. As a result, on May 30, 2025, the Company issued Sire Group 150,087 shares of common stock. These shares were issued with a standard Rule 144 restrictive legend. The issuance of the shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933.

As previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 19, 2023, on September 13, 2023 the Company entered into a Securities Purchase Agreement with Sire Group, pursuant to which the Company agreed to issue 950,000 shares of Series AA Preferred Stock to the Sire Group at a price of $10.00 per share, for an aggregate purchase price of $9,500,000. Under the Certificate of Designations, Preferences and Rights of Series AA Convertible Preferred Stock of the Company (the "Series AA Certificate of Designations") filed with the Secretary of State of the State of Delaware on September 13, 2023, each share of Series AA Preferred Stock is convertible, at the holder's option at any time, into shares of the Company's common stock at a conversion rate equal to the quotient of (i) the stated value of such share divided by (ii) the initial conversion price of $0.466, subject to specified adjustments as set forth in the Series AA Certificate of Designations. The Series AA Preferred Stock contains limitations that prevent Sire Group from acquiring the lower of either (i) the maximum percentage of common stock permissible under the rules and regulations of The Nasdaq Stock Market ("Nasdaq") without first obtaining shareholder approval or (ii) 19.99% of the Company's outstanding common stock.

Conversion of Series B Preferred Stock

On May 13, 2025, the Company received a Notice of Conversion from Blue Harbour Asset Management L.L.C-FZ ("Blue Harbour") informing the Company that Blue Harbour desired to convert 79,773 shares of its Series B Convertible Preferred Stock, par value $0.001 per share (the "Series B Preferred Stock") into shares of the Company's common stock. As a result, on May 30, 2025, the Company issued Blue Harbour 265,913 shares of common stock. These shares were issued with a standard Rule 144 restrictive legend. The issuance of the shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933.

As previously disclosed in the Company's Current Report on Form 8-K filed with the SEC on April 1, 2025, on March 29, 2025 the Company entered into a Securities Purchase Agreement with Blue Harbour, pursuant to which the Company agreed to issue 100,000 shares of Series B Preferred Stock to the Blue Harbour at a price of $10.00 per share, for an aggregate purchase price of $1,000,000. Under the Certificate of Designations, Preferences and Rights of Series B Convertible Preferred Stock of the Company (the "Series B Certificate of Designations") filed with the Secretary of State of the State of Delaware on March 31, 2025, each share of Series B Preferred Stock is convertible, at the holder's option at any time, into shares of the Company's common stock at a conversion rate equal to the quotient of (i) the stated value of such share divided by (ii) the initial conversion price of $3.00, subject to specified adjustments as set forth in the Series B Certificate of Designations. The Series B Preferred Stock contains limitations that prevent Blue Harbour from acquiring the lower of either (i) the maximum percentage of common stock permissible under the rules and regulations of Nasdaq without first obtaining shareholder approval or (ii) 19.99% of the Company's outstanding common stock.