Sonnet BioTherapeutics Holdings (SONN) has released an update.
The Company was notified by Nasdaq on December 15, 2023, of non-compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. After receiving a 45-day period to submit a compliance plan, the Company’s sale of New Jersey state net operating losses led to a belief that it had regained compliance. On February 1, 2024, Nasdaq confirmed the Company had met the equity requirement but warned of potential delisting if future reports fail to maintain compliance.
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For a comprehensive understanding of the announcement, you can read the full document here.
