Sol-Gel Technologies (SLGL) said Wednesday it has received an additional 180 days, or until May 19, to comply with Nasdaq's $1 minimum bid price requirement after transferring its shares from the Nasdaq Global Market to the Nasdaq Capital Market.
The company said the extension follows Nasdaq's determination that Sol-Gel met other listing criteria and notified the exchange of its plan to address the price deficiency, potentially through a reverse stock split.
Compliance will be achieved if the company's shares close at or above $1 for at least ten consecutive trading days during the extension period, Sol-Gel said.
Shares of the company were up 3.1% in recent Wednesday trading.
Price: 0.44, Change: +0.01, Percent Change: +3.05
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