Soligenix receives non-compliance notice from nasdaq

On october 17, 2019, soligenix, inc. (the “company”) received a written notice (the “bid price notice”) from the listing qualifications department (the “nasdaq staff”) of the nasdaq stock market (“nasdaq”) indicating that the company is not in compliance with the $1.00 minimum bid price requirement set forth in nasdaq listing rule 5550(a)(2) for continued listing on the nasdaq capital market. the notification of noncompliance has no immediate effect on the listing or trading of the company’s common stock on the nasdaq capital market under the symbol “sngx,” and the company is currently monitoring the closing bid price of its common stock and evaluating its alternatives, if appropriate, to resolve the deficiency and regain compliance with this rule. the nasdaq listing rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price for the last 30 consecutive business days, the company no longer meets this requirement. the bid price notice indicated that the company will be provided 180 calendar days, or until april 14, 2020, in which to regain compliance. if at any time during this period the bid price of the company’s common stock closes at or above $1.00 per share for a minimum of ten consecutive business days, the nasdaq staff will provide the company with a written confirmation of compliance and the matter will be closed. in the event the company does not regain compliance with rule 5550(a)(2) prior to the expiration of the 180 calendar day period, the nasdaq staff will provide the company with written notification that its securities are subject to delisting from the nasdaq capital market. at that time, the company may appeal the delisting determination to a nasdaq listing qualifications panel. alternatively, if the company fails to regain compliance with rule 5550(a)(2) prior to the expiration of the 180 calendar day period, but meets the continued listing requirement for market value of publicly held shares and all of the other applicable standards for initial listing on the nasdaq capital market, with the exception of the minimum bid price, and provides written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary, then the company may be granted an additional 180 calendar days to regain compliance with rule 5550(a)(2).
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