Sonoma Pharmaceuticals regains compliance with Nasdaq rule
Sonoma Pharmaceuticals 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.