Sonnet BioTherapeutics Holdings (SONN) has released an update.
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The Company received preliminary approval in December 2023 to sell up to $4.8 million of its New Jersey state net operating losses and executed a Sale Agreement on January 24, 2024, anticipating $4.3 million in net proceeds after fees in February 2024. Concurrently, the Company was notified by Nasdaq in December 2023 of non-compliance with the minimum stockholders’ equity requirement. However, with the expected proceeds from the Sale Agreement and cancellation of unpaid bonuses, the Company believes it now meets Nasdaq’s $2.5 million Stockholders’ Equity Requirement.
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