ARDELYX, INC. : Notice of cancellation or non-compliance with a rule or standard for maintaining registration; Transfer of Registration, Financial Statements and Exhibits (Form 8-K)

Section 3.01 Notice of Cancellation or Non-Compliance with a Rule or Standard for Maintaining Listing; Transfer of registration

On May 23, 2022, we have received a letter from the Nasdaq Global Market (“Nasdaq”) stating that we have failed to meet the minimum bid price requirement of Nasdaq listing rule 5450(a)(1). Nasdaq listing rule 5450(a)(1) requires Nasdaq-listed companies to maintain a minimum closing bid price of at least
$1.00 per share to ensure continued listing. Under Nasdaq Listing Rule 5810(c)(3)(A), we have a grace period of 180 calendar days to return to compliance by meeting the Continuous Listing Standard. To restore compliance, the closing bid price of the common shares of the Company must meet or exceed $1.00 per share for at least ten consecutive business days during this grace period. We are monitoring the bid price for our common stock and will review options available to us to comply. We intend to ask our shareholders to approve a share consolidation of our authorized common shares and our issued and outstanding common shares at our 2022 annual meeting of shareholders to be held on June 15, 2022and if approved, our board will have up to September 15, 2022
to approve and affect a reverse stock split, which would return us to compliance with Nasdaq listing rule 5450(a)(1). There can be no assurance that we will be successful in restoring our compliance with Nasdaq listing requirements.

Item 9.01 Financial statements and supporting documents.

(d) Exhibits.

   Exhibit
     No.             Description
104                  Cover Page Interactive Data File (embedded within the Inline XBRL document).


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