Journey Medical Corp (DERM): Nasdaq/NYSE listing notice — Journey Medical receives Nasdaq deficiency notice for stockholders' equity below $2.5M threshold

Journey Medical Corp

Nasdaq notified Journey Medical on Aug 15, 2023 of non-compliance with Listing Rule 5550(b)(1) requiring minimum $2.5M stockholders' equity; company reported equity of $5,000 as of June 30, 2023.
Company has 45 calendar days to submit a plan to regain compliance; if accepted, Nasdaq may grant up to 180-day extension.
Company also fails alternative standards: market value of listed securities at least $35M or net income of $500K in recent years.
Trading continues on Nasdaq under symbol DERM; no immediate delisting effect but risk of suspension if compliance not regained.
Company intends to take reasonable measures but gives no assurance of regaining compliance.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Journey Medical Corp received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

August 15, 2023, Journey Medical Corporation (the “ Company ” or “ Journey ”) received a deficiency letter (the “ Nasdaq Letter ”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq ”), notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires the Company to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing on The Nasdaq Capital Market (the “ Stockholders’ Equity Requirement ”), nor is it in compliance with either of the alternative listing standards, market value of listed securities of

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Source: SEC EDGAR

accession 0001104659-23-093537

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