Liminal BioSciences Announces Nasdaq Capital Market Listing Transfer

LAVAL, QC and CAMBRIDGE, England, September 1, 2022 /PRNewswire/ – Liminal BioSciences Inc. (Nasdaq: LMNL) (“Liminal BioSciences” or the “Company”) today announced that it has received confirmation from the Nasdaq (“Nasdaq”) Stock Market Listing Qualifications Department that the Company’s application for the transfer of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market, as permitted by listing rule 5810(c)(3)(A), had been approved.

The Company’s common stock will begin trading on the Nasdaq Capital Market from the commencement of trading on September 6, 2022. The Company’s shares will continue to trade on the Nasdaq under the symbol “LMNL”. The Nasdaq Capital Market functions essentially the same as the Nasdaq Global Market, and Nasdaq Capital Market companies must meet certain financial and corporate governance requirements in order to continue listing.

As previously reported on March 4, 2022, the Company had received written notice from the Nasdaq Listing Qualifications Department that the Company was not in compliance with the minimum offering price requirement of $1.00 per action under Nasdaq listing rules and had been granted a 180-day compliance period to comply with the minimum bid price requirement.

In connection with the transfer to the Nasdaq Capital Market, the Nasdaq granted the Company a second period of 180 calendar days, or until February 27, 2023regain compliance with the minimum offer price requirement for continued listing by achieving a Nasdaq closing offer price of at least $1.00 per share for at least ten consecutive trading days.

Nasdaq’s decision to approve the Company’s application to transfer to the Nasdaq Capital Market was based on the Company’s compliance with the listing requirements of the Nasdaq Capital Market, except for the minimum offering requirement. The Company has communicated to Nasdaq its written intention to remedy the deficiency of the minimum bid price during the additional compliance period by implementing a reverse stock split, if necessary, prior to the expiration of the second compliance period.

The Company intends to continue to actively monitor its compliance with the minimum closing bid price requirement and to assess the options available to restore compliance.

About Liminal BioSciences Inc.

Liminal BioSciences is a development-stage biopharmaceutical company focused on the discovery and development of novel, distinctive small molecule therapies for inflammatory, fibrotic and metabolic diseases using our drug discovery platform with a data-driven approach. The Company is currently developing GPR84 antagonists and OXER1 antagonists. In addition to these programs, the Company continues to explore other development opportunities to add to its pipeline.

Liminal BioSciences is engaged in active business activities in Canada and the UK.

Forward Looking at Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking terms. Statements that are not historical in nature, including the words “anticipate”, “expect”, “suggest”, “plan”, “believe”, “intend”, “estimate”, ” target”, “project”, “should”, “could”, “would”, “could”, “will”, “forecast” and other similar expressions are intended to identify forward-looking statements. Such statements include those relating to objectives, strategies and activities of Liminal BioSciences that involve risks and uncertainties. Forward-looking information includes statements regarding, among other things: the Company’s ability to regain compliance with Nasdaq listing requirements, to streamline its operations, to divest its non-essential assets, the advancement of Liminal Biosciences’ product candidates, the results of planned clinical trials; the analysis of our clinical trial data; the potential development of Liminal Biosciences’ R&D programs ; the properties of our drug candidates; the timing or nature of preclinical and clinical trials and potential therapeutic areas.

These statements are “forward-looking” because they are based on our current expectations about the markets in which we operate and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions prove to be inaccurate. Among the factors that could cause actual results to differ materially from those described or projected herein include, but are not limited to, risks associated with: the Company’s ability to develop, manufacture and market with success of product candidates, if any; the impact of the COVID-19 pandemic on the Company’s workforce, business operations, clinical development, regulatory activities and financial and other impacts on the business; the availability of funds and resources to pursue R&D projects, manufacturing operations or marketing activities; the successful and timely initiation or completion of clinical trials; the ability to take advantage of funding opportunities or business opportunities in the pharmaceutical industry; the Company’s ability to resolve the Nasdaq listing issue and regain compliance with Nasdaq listing rules; the uncertainties generally associated with research and development, clinical trials and related regulatory reviews and approvals; and general changes in economic conditions. A more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to differ materially from our current expectations can be found in the Company’s filings and reports with the Securities and Exchange Commission. United States and Canadian Securities Administrators, including in the Annual Report on Form 20-F for the fiscal year ended December 31, 2021, as well as other filings and reports that Liminal Biosciences may make from time to time. These risks may be magnified by the ongoing COVID-19 pandemic and any related impact on Liminal BioSciences’ business and the global economy. Accordingly, we cannot guarantee that any particular forward-looking statement will occur. Existing and potential investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. We undertake no obligation to update any forward-looking statements contained in this press release, even if new information becomes available, as a result of future events or for any other reason, except if applicable laws and regulations of securities require it.

SOURCELiminal BioSciences Inc.

About Jason Norton

Check Also

What every investor should know about a stock split

In July this year, each shareholder of Tata Steel received nine additional shares. The Tatas …