Sonoma Pharmaceuticals Regains Compliance with Nasdaq Minimum Bid Price Rule
Rhea-AI Summary
Sonoma Pharmaceuticals (NASDAQ:SNOA) has successfully regained compliance with Nasdaq's minimum bid price rule, avoiding potential delisting. The company, known for its patented Microcyn technology based on stabilized hypochlorous acid (HOCl), implemented a 1-for-20 reverse stock split on August 30, 2024. This action was taken in response to a non-compliance notice received on September 22, 2023, when SNOA's stock price fell below the required $1.00 per share minimum.
Following the reverse split, Sonoma's stock price maintained the required minimum for 10 consecutive business days, satisfying Nasdaq's compliance criteria. The company received formal confirmation from Nasdaq that it has regained compliance, and the matter is now closed. This development ensures Sonoma's continued listing on the Nasdaq Capital Market, maintaining its visibility and access to capital markets.
Positive
- Regained compliance with Nasdaq's minimum bid price rule
- Avoided potential delisting from Nasdaq Capital Market
- Successfully implemented 1-for-20 reverse stock split to boost share price
Negative
- Required a reverse stock split to meet compliance, potentially indicating underlying financial challenges
- Reverse split may have reduced the total number of outstanding shares, potentially affecting liquidity
News Market Reaction
On the day this news was published, SNOA declined 10.93%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
BOULDER, CO / ACCESSWIRE / September 19, 2024 / Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA), a global healthcare leader developing and producing patented Microcyn® technology based stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound care, eye, oral and nasal care, dermatological conditions, podiatry, and animal health care, today announced that it received a formal determination letter from Nasdaq notifying Sonoma that it has regained compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market and the matter is now closed.
As previously reported, On September 22, 2023, Sonoma received a letter from Nasdaq indicating that it did not comply with the
About Sonoma Pharmaceuticals, Inc.
Sonoma Pharmaceuticals is a global healthcare leader for developing and producing stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound, eye, oral and nasal care, dermatological conditions, podiatry, animal health care and non-toxic disinfectants. Sonoma's products are clinically proven to reduce itch, pain, scarring, and irritation safely and without damaging healthy tissue. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. Sonoma's products are sold either directly or via partners in 55 countries worldwide and the company actively seeks new distribution partners. The company's principal office is in Boulder, Colorado, with manufacturing operations in Guadalajara, Mexico. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.sonomapharma.com. For partnership opportunities, please contact busdev@sonomapharma.com.
Forward-Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Sonoma Pharmaceuticals, Inc. and its subsidiaries (the "company"). These forward-looking statements are identified by the use of words such as "continue," "develop," "anticipate," "expect" and "expand," among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the company's business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the company's patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the company's products will not be as large as expected, the company's products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to meet the company's cash needs, fund further development, as well as uncertainties relative to the COVID-19 pandemic and economic development, varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. The company disclaims any obligation to update these forward-looking statements, except as required by law.
Sonoma Pharmaceuticals™ and Microcyn® are trademarks or registered trademarks of Sonoma Pharmaceuticals, Inc. All other trademarks and service marks are the property of their respective owners.
Media and Investor Contact:
Sonoma Pharmaceuticals, Inc.
ir@sonomapharma.com
Website: www.sonomapharma.com
Follow us on LinkedIn: https://www.linkedin.com/company/sonoma-pharmaceuticals
Follow us on Instagram: https://www.instagram.com/sonomapharma_us/
Follow us on Facebook: https://www.facebook.com/sonomapharma/
SOURCE: Sonoma Pharmaceuticals, Inc.
View the original press release on accesswire.com
FAQ
When did Sonoma Pharmaceuticals (SNOA) regain compliance with Nasdaq's minimum bid price rule?
What action did Sonoma Pharmaceuticals (SNOA) take to regain Nasdaq compliance?
How long did Sonoma Pharmaceuticals (SNOA) have to regain compliance with Nasdaq's listing rule?
What is the main product technology of Sonoma Pharmaceuticals (SNOA)?
