Form 8-K

8-K — Milestone Pharmaceuticals Inc.

Accession: 0001104659-26-119669

Filed: 2026-10-28

Period: 2026-10-23

CIK: 0001408443

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October

23, 2026

MILESTONE

PHARMACEUTICALS INC.

(Exact name of registrant as specified in its

charter)

Québec

001-38899

Not

applicable

(state or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1111

Dr. Frederik-Philips Boulevard,

Suite

420

Montréal,

Québec CA

H4M

2X6

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area

code: (514)

336-0444

(Former

name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General

Instruction A.2. below):

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b)

of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common

MIST

The

Nasdaq Stock Market LLC

Indicate by check mark

whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405

of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

Emerging growth company

If an emerging growth

company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or

revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued

Listing Rule or Standard; Transfer of Listing.

On October 23, 2026, Milestone

Pharmaceuticals Inc. (the “Company”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market

LLC (“Nasdaq”) notifying the Company that the listing of its common shares was not in compliance with Nasdaq Listing Rule

5450(a)(1) for continued listing on the Nasdaq Global Select Market, as the minimum bid price of the Company’s common shares was

less than $1.00 per share for the previous 30 consecutive business days. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period

of 180 calendar days, or until April 21, 2027, to regain compliance with the rule referred to in this paragraph. To regain compliance,

during this 180-day compliance period, the Company’s minimum bid price of listed securities must close at $1.00 per share or more

for a minimum of 10 consecutive business days. The notice has no present impact on the listing of the Company’s securities on the

Nasdaq Global Select Market.

If the Company does not regain

compliance with the Nasdaq Listing Rules prior to the expiration of the 180-day compliance period, the Company may be eligible for additional

time to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii) by transferring to the Nasdaq Capital Market. To qualify,

the Company would need to submit a Transfer Application and a $5,000 application fee. In addition, the Company would be required to meet

the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital

Market, except the minimum bid price requirement. In addition, the Company would need to provide written notice to Nasdaq of its intention

to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split, if necessary. As part

of its review process, the Nasdaq staff will determine whether it believes the Company will be able to cure this deficiency. Should the

Nasdaq staff conclude that the Company will not be able to cure the deficiency, or should the Company determine not to submit a Transfer

Application or make the required representation, Nasdaq will provide notice that the Company’s common shares will be subject to

delisting.

If the Company does not regain

compliance within the allotted compliance period(s), Nasdaq will provide notice that the Company’s common shares will be subject

to delisting. At such time, the Company may appeal the delisting determination to a Hearings Panel.

The Company intends to actively

monitor its minimum bid price of listed securities and, as appropriate, will consider available options to resolve the deficiencies and

regain compliance with the Nasdaq Listing Rules, including applying to transfer to the Nasdaq Capital Market or effecting a reverse stock

split.

There can be no assurance that the Company will be successful in maintaining

the listing of its common shares on the Nasdaq Global Select Market, or, if transferred, on the Nasdaq Capital Market.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf

by the undersigned hereunto duly authorized.

MILESTONE PHARMACEUTICALS INC.

By:

/s/Amit Hasija

Amit Hasija

Chief Financial Officer

Dated: October 28, 2026

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