Solesence, Inc.: Nasdaq notifies company of $1.00 bid price noncompliance

What happened Solesence, Inc. reported that it received a written notice from the Listing Qualifications Department of Nasdaq stating that, because the closing bid price for the company’s common stock fell below $1.00 per share for 30 consecutive trading days, the company was no longer in compliance with the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The notice has no immediate effect on the listing and does not change the company’s SEC reporting obligations.

The filing reported that Nasdaq provided a 180-calendar-day compliance period, or until Mar 29, 2027, to regain compliance. To regain compliance, the closing bid price must meet or exceed $1.00 per share for a minimum of 10 consecutive trading days prior to Mar 29, 2027, and the company may be eligible for an additional 180-calendar-day extension if it meets certain listing standards and notifies Nasdaq.

Key details

• Closing bid price fell below $1.00 per share for 30 consecutive trading days, triggering noncompliance with Nasdaq Listing Rule 5550(a)(2).
• Nasdaq provided a 180-calendar-day initial compliance period ending Mar 29, 2027.
• To regain compliance the closing bid must be at least $1.00 per share for at least 10 consecutive trading days before Mar 29, 2027.
• The company may qualify for an additional 180-calendar-day extension if, as of the final day of the initial period, it meets the market value of publicly held shares requirement and other initial listing standards (except the bid price requirement) and notifies Nasdaq.

Why it may matter This report was filed under Item 3.01: notice of delisting or failure to satisfy a continued listing rule, which covers Nasdaq listing noncompliance with the minimum bid price requirement. A filing does not show why the insider traded or why the company acted.