NAZ Deficiency Notice News Release Issued: Mar 7, 2022 (4:59pm EST)
To view this release online and get more information about Liminal BioSciences Investor Room visit: https://investors.liminalbiosciences.com/2022-03-07-Liminal-BioSciences-Announces-Receipt-of-NASDAQ-Deficiency-Notice-Regarding-Minimum-Bid-Price-Requirement
Liminal BioSciences Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement
LAVAL, QC, and CAMBRIDGE, ENGLAND, March 7, 2022 /CNW/ - Liminal BioSciences Inc. (NASDAQ: LMNL) ("Liminal BioSciences" or the "Company"), announced today that on March 4, 2022, it received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement of US$1.00 per share under the Nasdaq Listing Rules (the "Listing Rules"). Based on the closing bid price of the Company's listed securities for the last 30 consecutive business days from January 20, 2022 to March 3, 2022, the Company has failed to meet the minimum bid price requirement set forth in Listing Rule 5550(a)(2) during that period. The Notice is only a notification of deficiency, It is not a notice of imminent delisting, and it has no current immediate effect on the listing or trading of the Company's securities on the Nasdaq Capital Market.
The Notice states that under Listing Rule 5810(c)(3)(A) the Company is provided with a period of 180 calendar days, or August 31, 2022, to regain compliance with the Listing Rules. To regain compliance with the Listing Rules, the Company's listed securities price must be at least US$1.00 for a minimum of ten consecutive business days. In the event the Company does not regain compliance by August 31, 2022, the Company may be eligible for additional time to regain compliance or may face delisting.
The Company intends to continue to monitor the closing bid price of its ordinary shares between now and August 31, 2022, and to evaluate its available options to regain compliance within the compliance period.
The Company fully intends to resolve the deficiency and regain compliance with the Listing Rules.