10/07/2025 | Press release | Distributed by Public on 10/07/2025 14:10
On October 6, 2025, Clearside Biomedical, Inc. (the "Company") received a letter from the Nasdaq Hearings Panel (the "Panel") notifying the Company that it has regained compliance with the Minimum Bid Price Requirement (as defined below). Accordingly, the Panel determined that the Company has regained compliance with Nasdaq's Listing Rules. To regain compliance with the Minimum Bid Price Requirement, the Company's common stock was required to maintain a closing bid price of $1.00 per share or more for at least 10 consecutive business days.
As previously disclosed, on February 7, 2025, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it was non-compliant with Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Market, as the minimum bid price of the Company's common stock was less than $1.00 per share for the previous 30 consecutive business days (the "Minimum Bid Price Requirement"). As the Company did not regain compliance with the Minimum Bid Price Requirement within the 180-calendar day grace period set forth by Listing Rule 5810(c)(3)(A) by August 6, 2025, Nasdaq notified the Company by letter dated August 11, 2025, that the Company's securities are subject to delisting from Nasdaq unless the Company timely requested a hearing before a Panel.
The Company submitted a timely request for a hearing before the Panel, which automatically stayed any suspension or delisting of the Company's securities. On September 16, 2025, the Company attended its hearing before the Panel, during which it presented its plan to regain compliance with the Minimum Bid Price Requirement, which included the implementation of a stockholder-approved reverse stock split effective on September 12, 2025. As noted above, this matter is now closed since the Company is now compliant with all applicable Nasdaq continued listing rules.