Skye Bioscience Inc.
06/23/2026 | Press release | Distributed by Public on 06/23/2026 04:00
Material Event (Form 8-K)
Item 8.01 Other Events.
As previously disclosed on a Current Report on Form 8-K filed by Skye Bioscience, Inc. (the "Company") on May 13, 2026, the Company received a written notification from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, based on the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, the Company's stockholders' equity was $9,011,804, and therefore, the Company was not in compliance with the Nasdaq Global Market's Listing Rule 5450(b)(1)(A), which requires a $10,000,000 minimum stockholders' equity standard.
On June 18, 2026, the Company received approval from the Staff to transfer the listing of the Company's common stock, par value $0.001 per share (the "Common Stock"), from the Nasdaq Global Market to the Nasdaq Capital Market, which requires a $3,000,000 minimum stockholders' equity standard, effective with the open of business on June 23, 2026. The existing ticker symbol for the Common Stock, "SKYE," will not be affected by such exchange tier transfer.
In addition, as previously disclosed on a Current Report on Form 8-K filed by the Company on March 19, 2026, on March 17, 2026, the Company received a written notice from the Staff notifying the Company that, for the 30 consecutive business days preceding the receipt of the notice, the bid price for the Common Stock had closed below the minimum $1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market (the "Minimum Bid Price Requirement"). The Company was provided an initial period of 180 calendar days, or until September 14, 2026, to regain compliance with the Minimum Bid Price Requirement (the "Initial Compliance Period"). The Minimum Bid Price Requirement is also applicable to continued listing on the Nasdaq Capital Market, and the Initial Compliance Period will continue to apply to the Company following the transfer to the Nasdaq Capital Market.
The Company intends to actively monitor the closing bid price for the Common Stock and will consider available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement by the expiration of the Initial Compliance Period or will otherwise be in compliance with other Nasdaq Listing Rules.
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