Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule of
Standard; Transfer of Listing.
On December 14, 2021, Brickell Biotech, Inc. (the "Company") received a notice
(the "Extension Notice") from the Listing Qualifications Department of the
Nasdaq Stock Market ("Nasdaq") informing the Company that Nasdaq granted the
Company an additional 180 calendar days, or until June 13, 2022, to regain
compliance with the minimum closing bid price requirement for continued listing
on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(a)(2) (the
"Rule"). The Extension Notice has no immediate effect on the listing of the
Company's common stock.
As previously disclosed in the Current Report on Form 8-K filed on June 17, 2021
with the Securities and Exchange Commission, the Company received a notice from
Nasdaq on June 16, 2021 informing the Company that because the closing bid price
for the Company's common stock listed on Nasdaq was below $1.00 per share for 30
consecutive business days, the Company did not comply with the minimum closing
bid price requirement for continued listing on The Nasdaq Capital Market under
the Rule. That notification had no immediate effect on the listing of the
Company's common stock. The Company initially had a period of 180 calendar days,
or until December 13, 2021, to regain compliance with the Rule. The Company did
not regain compliance with the Rule by such date, and therefore, as required by
Nasdaq, the Company previously proactively notified Nasdaq of its intent to cure
the deficiency and requested an additional 180 calendar day period to regain
compliance with the Rule.
If at any time before June 13, 2022 the closing bid price of the Company's
common stock is at least $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written confirmation that the Company has
achieved compliance with the Rule, unless Nasdaq exercises its discretion to
extend this 10-day period pursuant to Nasdaq Listing Rule 5810(c)(3).
If compliance with the Rule cannot be demonstrated to Nasdaq's satisfaction by
June 13, 2022, Nasdaq will provide written notification that the Company's
common stock will be delisted. At that time, the Company may appeal Nasdaq's
delisting determination to a Nasdaq Hearings Panel.
The Company intends to continue actively monitoring the bid price for its common
stock between now and June 13, 2022 and will consider available options to
resolve the deficiency and regain compliance with the Rule. These options
include effecting a reverse stock split, if necessary. There is no assurance,
however, that the Company will regain compliance with the Rule or that the
Company's common stock will not be delisted from Nasdaq.

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