Emmaus Life Sciences not in compliance with Nasdaq rules
Emmaus Life Sciences announced that it received a notice from the Listing Qualifications Staff of The Nasdaq Stock Market indicating that the company is not compliant with the $5M minimum stockholders' equity requirement under Nasdaq Listing Rule 5550 for continued listing of Emmaus common stock on The Nasdaq Capital Market. The Notice also indicated that the company is not compliant with the 400 minimum Round Lot holder requirement under Nasdaq Listing Rule 5515 for continued listing of Emmaus warrants listed under the ticker symbol "EMMAW." As previously disclosed, Emmaus anticipates filing a Form 25 to voluntarily delist the warrants. The delisting would take place 10 days thereafter, at which time the warrants are expected to be eligible for quotation on the OTC market. Emmaus intends to timely file a request for an appeal of the Staff's determination and to take actions necessary to satisfy the Minimum Stockholders' Equity Requirement.