Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule of Standard; Transfer of Listing. OnDecember 14, 2021 ,Brickell Biotech, Inc. (the "Company") received a notice (the "Extension Notice") from theListing Qualifications Department of theNasdaq Stock Market ("Nasdaq") informing the Company that Nasdaq granted the Company an additional 180 calendar days, or untilJune 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 onJune 17, 2021 with theSecurities and Exchange Commission , the Company received a notice from Nasdaq onJune 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 untilDecember 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 beforeJune 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 byJune 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 aNasdaq Hearings Panel . The Company intends to continue actively monitoring the bid price for its common stock between now andJune 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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