Brickell Biotech receives delisting notice from Nasdaq

BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) received notice from the stock market Tuesday that it faces delisting for remaining in violation of the bid price rule, the company announced in a press release. 

It will be delisted June 23 unless it appeals the ruling by requesting a hearing with the Nasdaq. According to the press release, Brickell intends to do so.

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 Monday with Brickell’s stock still trading under $1. 

Brickell has scheduled a special shareholder meeting for June 30 during which the shareholders will vote on a reverse stock split at a ratio between 1-for-10 and 1-for-45, with the goal of the reverse split to bring the company back into compliance with the rule.

Brickell stock opened Tuesday at 14 cents per share, down 44% year-to-date.

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