Sonoma Pharmaceuticals Regains Compliance with Nasdaq® Minimum Bid Price Rule
12 Juillet 2019 - 3:00PM
Sonoma Pharmaceuticals, Inc. (Nasdaq: SNOA), a specialty
pharmaceutical company dedicated to identifying, developing and
commercializing unique, differentiated therapies to millions of
patients living with chronic skin conditions, today announced that
it received a formal determination letter from Nasdaq notifying the
company that it is now compliant with the minimum bid price
requirement for continued listing on the Nasdaq Capital Market® and
is no longer subject to delisting at this time.
As announced previously, on January 4, 2019, Sonoma received a
letter from Nasdaq, indicating that it did not comply with the
$1.00 minimum closing bid price requirement for its common stock
for continued listing on the Nasdaq Capital Market. Nasdaq granted
the company a compliance period of 180 calendar days, or until July
3, 2019, to regain compliance with the listing rule. Effective with
the opening of the market on June 20, 2019, the company implemented
a 1-for-9 reverse stock split. The closing bid price of the
company’s common stock exceeded the required $1.00 per share
minimum over the subsequent 10 business days. Accordingly the
company has regained compliance and the matter is now closed.
About Sonoma Pharmaceuticals, Inc.Sonoma
Pharmaceuticals is a specialty pharmaceutical company dedicated to
identifying, developing and commercializing unique, differentiated
therapies to millions of patients living with chronic skin
conditions. Sonoma offers early-intervention relief with virtually
no side-effects or contraindications. The company believes its
products, which are sold throughout the United States and
internationally, have improved patient outcomes for more than six
million patients by treating and reducing certain skin diseases
including acne, atopic dermatitis, scarring, infections, itch, pain
and harmful inflammatory responses. Sonoma’s vision is to be a
catalyst for improved care and increased access for all patients.
The company's headquarters are in Petaluma, California,
with manufacturing operations in the United States and Latin
America. European marketing and sales are headquartered in
Roermond, Netherlands. More information can be found at
www.sonomapharma.com.
Forward-Looking StatementsExcept for historical
information herein, matters set forth in this press release
are forward-looking within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995,
including statements about the commercial and technology progress
and future financial performance of Sonoma Pharmaceuticals,
Inc. and its subsidiaries (the “company”). These forward-looking
statements are identified by the use of words such as “continue,”
“reduce,” and “expand,” among others. Forward-looking statements in
this press release are subject to certain risks and uncertainties
inherent in the company’s business that could cause actual results
to vary, including such risks that regulatory
clinical and guideline developments may change, scientific
data may not be sufficient to meet regulatory standards or receipt
of required regulatory clearances or approvals, clinical
results may not be replicated in actual patient
settings, protection offered by the
company’s patents and patent applications may be challenged,
invalidated or circumvented by its competitors, the available
market for the company’s products will not be as
large as expected, the company’s products will not be able to
penetrate one or more targeted markets, revenues will not be
sufficient to meet the company’s cash needs, fund further
development and clinical studies, as well as uncertainties relative
to varying product formulations and a multitude of diverse
regulatory and marketing requirements in different countries and
municipalities, and other risks detailed from time to time in the
company’s filings with the Securities and Exchange Commission. The
company disclaims any obligation to update these forward-looking
statements, except as required by law.
Sonoma Pharmaceuticals™ is a trademark or registered trademark
of Sonoma Pharmaceuticals, Inc. All other trademarks and service
marks are the property of their respective owners.
Media and Investor Contact:
Sonoma Pharmaceuticals, Inc.
ir@sonomapharmaceuticals.com
Sonoma Pharmaceuticals (NASDAQ:SNOAW)
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