A reverse stock split has 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 formal notice from Nasdaq that it had regained compliance with the minimum-bid-price requirement for continued listing.
A hearing that was scheduled to review its listing has been canceled, and “Brickell’s common stock will continue to be listed and traded on Nasdaq,” the company said.
Brickell received a delisting notice from Nasdaq in June because its stock price had dropped below the minimum threshold of $1 for more than 30 consecutive days.
Brickell requested a hearing on the delisting and in the meantime scheduled a shareholders meeting to consider a 1-for-45 reverse stock split.
Shareholders approved the reverse stock split June 30, and the stock split became effective July 5.
The 1-for-45 reverse stock split reduced the number of outstanding shares of Brickell common stock from about 121.1 million shares to about 2.7 million shares.
Brickell’s stock closed up 9.5% Wednesday at $3.23 per share, up 28 cents.
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