Rockwell Medical Inc.
05/08/2026 | Press release | Distributed by Public on 05/08/2026 15:01
Failure to Satisfy Listing Rule (Form 8-K)
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 8, 2026, Rockwell Medical, Inc. (the "Company") received written notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities maintain a minimum closing bid price of $1.00 per share (the "Minimum Bid Price Requirement"), and Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common stock for the 30 consecutive business days prior to the date of the Notice, the Company currently does not meet the Minimum Bid Price Requirement.
The Notice has no immediate effect on the listing of the Company's common stock on The Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until November 4, 2026, to regain compliance with the Minimum Bid Price Requirement. During the compliance period, the Company's common stock will continue to be listed and traded on The Nasdaq Capital Market. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the 180-calendar day grace period. In the event that the Company does not regain compliance by November 4, 2026, the Company may be eligible for additional time to reach compliance with the minimum bid price requirement.
The Company has included in the Proxy Statement for its 2026 Annual Meeting of Stockholders a proposal to effect a reverse stock split. If the proposal is approved by the Company's stockholders and the reverse stock split is implemented, the Company believes it would regain compliance with the applicable Nasdaq continued listing requirements, including the Minimum Bid Price Requirement, although there can be no assurance that the Company will be able to regain or maintain compliance with all applicable Nasdaq listing standards.
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