Salarius Pharmaceuticals Inc.
08/27/2025 | Press release | Distributed by Public on 08/27/2025 14:10
Material Event (Form 8-K)
Item 8.01. Other Events.
On August 27, 2025, Salarius Pharmaceuticals, Inc. ("Salarius") received notification from The Nasdaq Stock Market LLC ("Nasdaq") that the Nasdaq Hearings Panel (the "Hearings Panel") has granted Salarius an additional extension to regain compliance with Nasdaq Listing Rule 5550(b)(1) (the "Equity Standard") by October 20, 2025.
With respect to Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"), Salarius effected a 1-for-15 reverse stock split on August 15, 2025 and expects to regain compliance with the Minimum Bid Price Requirement by Nasdaq's deadline of August 29, 2025.
As previously disclosed, on April 23, 2025, Salarius received written notice (the "Delisting Notice") from Nasdaq notifying Salarius that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price of Salarius' common stock for the last 30 consecutive business days was lower than the minimum bid price requirement of $1.00 per share. Normally, a company would have been afforded a 180-calendar day period to demonstrate compliance with the Minimum Bid Price Requirement. However, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), Salarius was not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A) because Salarius had effected a reverse stock split during the prior one-year period. In addition, as previously disclosed, on March 26, 2025, Salarius received a letter from Nasdaq notifying Salarius that, based on its Form 10-K for the year ended December 31, 2024, Salarius no longer complied with the Equity Standard. The letter indicated that Salarius had until May 12, 2025, to either regain compliance with the Equity Standard or submit a plan to Nasdaq to regain compliance with the Equity Standard (a "Compliance Plan"). However, pursuant to Nasdaq Listing Rule 5810(d)(2), Salarius' failure to comply with the Minimum Bid Price Requirement served as a separate and additional reason for delisting and, as such, the Delisting Notice indicated that Nasdaq would not entertain a Compliance Plan, and that it should address Salarius' noncompliance with the Equity Standard before the Hearings Panel if Salarius appealed Nasdaq's determination.
Salarius timely exercised its right to request a hearing, which stayed any suspension or delisting action pending the conclusion of the hearing process. On June 11, 2025, the Hearings Panel granted Salarius an extension to regain compliance with the Equity Standard and the Minimum Bid Price Requirement. The extension by the Hearings Panel is contingent on Salarius achieving scheduled milestones and notifying Nasdaq of such achievements. Such milestones initially consisted of regaining compliance with the Equity Standard by early July 2025, and regaining compliance with the Minimum Bid Price Requirement by early August 2025. On July 28, 2025, Nasdaq granted Salarius an additional extension to regain compliance with the Equity Standard by August 12, 2025 and the Minimum Bid Price Requirement by August 29, 2025.
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