Sonnet BioTherapeutics Holdings, Inc.: Nasdaq/NYSE listing notice — Sonnet BioTherapeutics gets Nasdaq delisting notice; stockholders' equity negative $226K

Sonnet BioTherapeutics Holdings, Inc.

Nasdaq notified Sonnet on Dec 15, 2023 of non-compliance with $2.5M minimum stockholders' equity requirement.
Stockholders' equity reported at ($225,980) as of Sept 30, 2023, below the continued listing standard.
Company has 45 calendar days (by Jan 29, 2024) to submit a plan to regain compliance to Nasdaq.
If plan accepted, Nasdaq may grant up to 180 days from notice date to evidence compliance.
Failure to regain compliance could result in delisting from Nasdaq Capital Market, harming liquidity and capital access.

Key facts

Extracted from this filing and checked against the source text.

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

Sonnet BioTherapeutics Holdings, Inc. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

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

Exact text from the filing

“Stockholders’ Equity Requirement”). In the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, the Company reported stockholders’ equity (deficit) of $(225,980), which is below the Stockholders’ Equity Requirement for continued listing. Additionally, as of the date of this report, the Company does not meet either of the alternative

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Source: SEC EDGAR

accession 0001493152-23-045057

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