ADIAL PHARMACEUTICALS, INC. (ADIL): Nasdaq/NYSE listing notice — Adial receives Nasdaq deficiency letter for stockholders' equity shortfall

ADIAL PHARMACEUTICALS, INC.

On May 19, 2023, Nasdaq notified Adial that stockholders' equity of $1,439,848 as of March 31, 2023 was below the $2.5M minimum.
Company has until July 3, 2023 to submit a compliance plan; if accepted, may receive up to 180-day extension.
Adial remains under a separate minimum bid price deficiency with a compliance deadline of August 28, 2023.
Management is evaluating options including a reverse stock split to regain compliance with both Nasdaq rules.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

ADIAL PHARMACEUTICALS, INC. received a nasdaq noncompliance notice notice regarding stockholders equity (rules 5550(b)(1)).

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

Exact text from the filing

May 19, 2023, Adial Pharmaceuticals, Inc. (the “Company”), received a letter from The Nasdaq Stock Market (“Nasdaq”) stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Rule”) because the stockholders’ equity of the Company of $1,439,848 as of March 31, 2023, as reported in the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 12, 2023, was below the minimum requirement of $2,500,000. As of the date of this Current Report on Form 8-K, the Company does not have a market value of listed securities of $35 million, or net income from continued o

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ADIAL PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-042737

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