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Brickell Biotech Inc. (Nasdaq: BBI) will have a special shareholders’ meeting on June 30 as the company tries to avoid delisting from the Nasdaq, according to documents filed with the Securities and Exchange Commission.

At the meeting, shareholders will vote whether to approve a reverse stock split at a ratio between 1-for-10 and 1-for-45 as the company attempts to bring its stock price back above $1 per share and back into compliance with the bid price rule.

Brickell first received a delisting notice on June 16, 2021, for violating the bid price rule — its common stock had traded below $1 per share for 30 consecutive business days. The company had 180 days to regain compliance with the rule. When it was unable to do that, it received a 180-day extension. That extension expired last week with Brickell’s stock still trading under $1.

Brickell stock closed Wednesday at 12 cents per share.

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.

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