Strata skin sciences receives non-compliance notice form nasdaq

Strata skin sciences, inc. announced that it had received written notification from the nasdaq stock market llc (“nasdaq”) on october 1, 2019 notifying the company that it would be subject to delisting unless the company timely requested a hearing before a nasdaq hearings panel (the “panel”). accordingly, the company timely requested a hearing earlier today. the hearing request automatically stayed any delisting or suspension action through october 22, 2019. pursuant to the nasdaq listing rules, the hearing request included a request to the panel that the stay be extended through the hearing date and the expiration of any extension period granted by the panel following the hearing. in the event the company becomes current in the filing of its periodic reports prior to the hearing, the hearing can be canceled. hearings are typically scheduled to occur approximately 30 to 45 days after the date of the hearing request. the company will make a further announcement following the panel’s decision on the request for an extended stay. the notice stated that the company had not filed all required periodic reports with the securities and exchange commission as required by nasdaq listing rule 5250(c)(1) (the “rule”) by the september 30, 2019 deadline previously granted by the nasdaq staff in connection to the company’s failure to file its annual report on form 10-k for the period ended december 31, 2018 and its quarterly reports on form 10-q for the periods ended march 31 and june 30, 2019, respectively. as previously announced, at the time of granting the extended deadline to september 30, 2019, the nasdaq staff had advised the company that a failure to file the periodic reports by the extended deadline would result in a notice of delisting of the company’s securities. at that time, the company was also advised that it would have a right to a hearing if it did not meet the staff’s deadline. following the hearing, the panel has the discretion to grant the company an additional extension in order to regain compliance with the rule not to exceed march 26, 2020. there can be no assurance that the panel will extend the stay of the trading suspension beyond october 22, 2019 or that the panel will grant a further extension to allow the company to demonstrate compliance.
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