(RTTNews) - Salarius Pharmaceuticals, Inc. (SLRX) announced that it has received written notice from the Nasdaq Stock Market LLC granting the company a conditional extension to regain compliance with the exchange's continued listing requirements under Nasdaq Listing Rules 5550(a)(2) and 5550(b)(1).
The extension, issued by the Nasdaq Hearings Panel, is contingent upon Salarius meeting specific milestones:
-- Regaining compliance with the minimum stockholders' equity requirement ($2.5 million) by early July 2025, and restoring compliance with the minimum bid price rule ($1.00/share) by early August 2025.
If Salarius fails to meet these conditions within the specified timeframes, the Hearings Panel may revoke the extension, which could result in the company's common stock being delisted from the Nasdaq Capital Market.
Salarius had previously disclosed that on April 23, 2025, it received a Delisting Notice for failure to meet the Minimum Bid Price Requirement, after its stock traded below $1.00 for 30 consecutive business days.
Due to a reverse stock split conducted within the prior 12 months, the company was not eligible for the usual 180-day grace period to regain compliance.
Additionally, on March 26, 2025, Salarius was notified that it no longer met the Equity Standard, as reported in its Form 10-K for the fiscal year ended December 31, 2024.
Nasdaq rules required that Salarius either regain compliance or submit a remediation plan by May 12, 2025.
However, because the company was also out of compliance with the bid price rule, Nasdaq did not accept a plan and instead referred the matter to the Hearings Panel.
Salarius appealed the delisting determination and participated in a hearing before the Panel on June 3, 2025.
The Panel's recent decision provides a critical window for Salarius to meet compliance milestones and maintain its Nasdaq listing.
Currently, SLRX is trading at $1.08, up by 71.3 percent on the Nasdaq.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
