Sol-Gel Technologies Receives Nasdaq Extension to Regain Compliance
Key Insights
Sol-Gel Technologies received a 180-day extension from Nasdaq to regain compliance with the minimum bid price rule, now until May 19, 2025.
The extension was granted based on Sol-Gel meeting other Nasdaq listing requirements and its plan to rectify the bid price deficiency.
Sol-Gel may implement a reverse stock split, if necessary, to meet the minimum bid price of $1.00 per share for at least ten consecutive business days.
Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company focused on treatments for skin conditions, has been granted an extension by Nasdaq to regain compliance with the exchange's minimum bid price rule. The extension provides the company until May 19, 2025, to meet the requirements for continued listing.
Nasdaq Compliance Extension
On November 19, 2024, Nasdaq notified Sol-Gel that it was eligible for an additional 180-day period to regain compliance. This decision was based on Sol-Gel meeting the continued listing requirement for the market value of publicly held shares and all other initial listing requirements for the Nasdaq Capital Market, except for the minimum bid price. Sol-Gel also communicated its intention to rectify the deficiency during this period, potentially through a reverse stock split.
Sol-Gel's Ordinary Shares were transferred from the Nasdaq Global Market to the Nasdaq Capital Market, effective November 15, 2024.
Path to Compliance
To regain compliance, the closing bid price of Sol-Gel’s Ordinary Shares must meet or exceed US$1.00 per share for at least ten consecutive business days. Upon achieving this, Nasdaq will provide written confirmation, and the matter will be closed.
The company intends to actively monitor its compliance and will consider available options, including a reverse share split, to resolve any deficiencies.
Sol-Gel's Pipeline
Sol-Gel Technologies focuses on developing and commercializing drug products for skin diseases. Its portfolio includes TWYNEO for acne vulgaris (search) and EPSOLAY for rosacea (search). The company is also conducting a Phase 3 clinical trial of SGT-610 (patidegib gel, 2%), a topical hedgehog inhibitor (search) for preventing new basal cell carcinoma (search) lesions in patients with Gorlin syndrome (search). Additionally, SGT-210 is under investigation for rare hyper-keratinization disorders.