NVN Liquidation, Inc.: Nasdaq/NYSE listing notice — Novan receives Nasdaq deficiency notice for failing minimum market value requirement

NVN Liquidation, Inc.

Received Nasdaq deficiency letter on June 30, 2023 for failing to maintain $35M minimum market value of listed securities.
Company has 180 calendar days, until December 27, 2023, to regain compliance by closing at $35M for 10 consecutive business days.
Deficiency has no immediate effect on listing; Novan continues to manage cash and pursue financing/strategic options for molluscum contagiosum product candidate.

item 3.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

NVN Liquidation, Inc. received a nasdaq deficiency notice notice regarding market value (rules 5550(b)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: market value
Rules: 5550(b)(2)

Exact text from the filing

June 30, 2023, Novan, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with Listing Rule 5550(b)(2), which requires the Company to maintain a minimum market value of listed securities of at least $35 million (the “MVLS Requirement”) for continued listing on the Nasdaq Capital Market. The letter noted that, as of that date, the Company’s market value of listed securities was below $35 million for at least 30 consecutive business days. In accordance with Nasdaq

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Source: SEC EDGAR

accession 0001467154-23-000077

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