---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-042737"
form_type: "8-K"
ticker: "ADIL"
cik: "0001513525"
company_name: "ADIAL PHARMACEUTICALS, INC."
filed_at: "2023-05-24T23:59:59+00:00"
generated_at: "2026-06-14T15:56:00.329285+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Adial receives Nasdaq deficiency letter for stockholders' equity shortfall

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-042737
- form_type: 8-K
- ticker: ADIL
- cik: 0001513525
- company_name: ADIAL PHARMACEUTICALS, INC.
- filed_at: 2023-05-24T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 3.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1513525/000121390023042737/0001213900-23-042737-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1513525/000121390023042737/ea179159-8k_adialpharma.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-042737
- JSON: https://secwatch.observer/filing/0001213900-23-042737.json
- Plain text: https://secwatch.observer/filing/0001213900-23-042737.txt

## Key facts
- Listing & Compliance Notices
  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)
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513525/000121390023042737/0001213900-23-042737-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.