Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On February 24, 2023, Biofrontera Inc., a Delaware corporation (the "Company"),
received a letter from the Listing Qualifications Department of The Nasdaq Stock
Market LLC ("Nasdaq") notifying the Company that the listing of its common stock
was not in compliance with Nasdaq Listing Rule 5550(a)(2) for continued listing
on The Nasdaq Capital Market, as the closing bid price of the Company's common
stock was less than $1.00 per share for the previous 30 consecutive business
days.
The notice has no present impact on the listing or trading of the Company's
securities on The Nasdaq Capital Market. Under Nasdaq Listing Rule
5810(c)(3)(A), the Company has a period of 180 calendar days, or until August
23, 2023, to regain compliance with the rule referred to in this paragraph. To
regain compliance, during this 180-day compliance period, the closing bid price
of the Company's common stock must be at least $1.00 per share for a minimum of
10 consecutive business days.
In the event that the Company does not regain compliance with the Nasdaq Listing
Rules prior to the expiration of the 180-day compliance period ending on August
23, 2023, the Company may be eligible for additional time to regain compliance
pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(ii) by meeting the continued
listing requirement for market value of publicly held shares and all other
applicable standards for initial listing on The Nasdaq Capital Market, with the
exception of the minimum bid price requirement, and providing written notice to
Nasdaq of its intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. Should the Nasdaq
staff conclude that the Company will not be able to cure the deficiency, or if
the Company does not meet other listing standards, Nasdaq could provide notice
that the Company's securities will be subject to delisting. At such time, the
Company may appeal the delisting determination to a Hearings Panel.
The Company intends to actively monitor the closing bid price of its common
stock and, as appropriate, will consider available options to resolve the
deficiencies and regain compliance with the Nasdaq Listing Rules. There can be
no assurance that the Company will be able to regain compliance with Rule
5550(a)(2) or maintain compliance with the other listing requirements of the
Nasdaq Capital Market.
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