A reverse stock split helped Boulder-based Brickell Biotech Inc. (Nasdaq: BBI) regain compliance with the Nasdaq stock market and avoid delisting.
Brickell said Wednesday that it had received official notice from Nasdaq that it had regained compliance with the minimum bid price requirement for continued listing.
A hearing to consider its listing has been canceled and “common stock of Brickell will continue to be listed and traded on Nasdaq,” the company said.
Brickell received a Nasdaq delisting notice in June because its stock price fell below the $1 minimum for more than 30 consecutive days.
Brickell has requested a debarment hearing and, in the interim, has scheduled a shareholders’ meeting to consider a 1-for-45 stock consolidation.
Shareholders approved the reverse stock split on June 30 and the stock split became effective on July 5.
The 1-for-45 reverse stock split reduced Brickell’s outstanding common stock from approximately 121.1 million shares to approximately 2.7 million shares.
Brickell’s stock closed 9.5% higher Wednesday at $3.23 per share, up 28 cents.
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