Sonnet BioTherapeutics Holdings, Inc.: Nasdaq/NYSE listing notice — Sonnet BioTherapeutics receives Nasdaq minimum bid price deficiency notice

Sonnet BioTherapeutics Holdings, Inc.

Closing bid price of SONN common stock below $1.00 for 30 consecutive business days triggers Nasdaq deficiency notice on March 23, 2023.
Company has 180 calendar days, until September 19, 2023, to regain compliance by closing at $1.00 for 10 consecutive business days.
Previously, Nasdaq notified SONN of stockholders' equity deficiency; after February 2023 public offering netting ~$13.5 million, company believes equity requirement is met.
If bid price compliance not regained, Nasdaq may allow second 180-day period if other listing standards are met, otherwise delisting proceedings may begin.
Delisting could adversely affect market price, liquidity, and ability to raise capital; penny stock rules may apply if trading below $5.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 1.0

Sonnet BioTherapeutics Holdings, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

March 23, 2023, Sonnet BioTherapeutics Holdings, Inc. (the “Company,” “we” or “us”) received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market, LLC (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock, par value $0.0001 per share (“Common Stock”), for the last 30 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on the Nasdaq Capital Market (the “Minimum Bid Price Requirement”), as set forth in Nasdaq Listing Rule 5550(a

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Source: SEC EDGAR

accession 0001493152-23-008889

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