---
schema_version: "secwatch.filing_event.v1"
accession: "0001467154-23-000077"
form_type: "8-K"
ticker: null
cik: "0001467154"
company_name: "NVN Liquidation, Inc."
filed_at: "2023-07-06T23:59:59+00:00"
generated_at: "2026-06-13T11:40:20.876366+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Novan receives Nasdaq deficiency notice for failing minimum market value requirement

## Summary
- 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.

## SEC filing metadata
- accession: 0001467154-23-000077
- form_type: 8-K
- cik: 0001467154
- company_name: NVN Liquidation, Inc.
- filed_at: 2023-07-06T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 3.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1467154/000146715423000077/0001467154-23-000077-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1467154/000146715423000077/novn-20230630.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001467154-23-000077
- JSON: https://secwatch.observer/filing/0001467154-23-000077.json
- Plain text: https://secwatch.observer/filing/0001467154-23-000077.txt

## Key facts
- Listing & Compliance Notices
  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)
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1467154/000146715423000077/0001467154-23-000077-index.htm

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