Sol-Gel Gets Nasdaq Minimum Price Notice

NESS ZIONA, Israel, May 28, 2024 — Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology-focused company, announced on May 21, 2024, that they received a notice from the Nasdaq Stock Market LLC Listing Qualifications Department. The notice indicated that Sol-Gel is not in compliance with the Nasdaq requirement to maintain a minimum bid price of $1 per share. For 33 consecutive business days, the company's shares traded below this threshold, as stated in Rule 5450(a)(1) of the Nasdaq Listing Rules.

Despite this non-compliance, the notice has no immediate impact on the listing of Sol-Gel's shares, which continue to trade under the symbol "SLGL" on the Nasdaq Global Market. According to Nasdaq Listing Rule 5810(c)(3)(A), Sol-Gel has 180 calendar days, until November 18, 2024, to regain compliance by achieving a closing bid price of at least $1 per share for a minimum of 10 consecutive trading days.

If Sol-Gel fails to meet this requirement by the deadline, the company may qualify for an additional 180-day compliance period, provided it meets other Nasdaq Capital Market initial listing standards, excluding the minimum bid price requirement. Sol-Gel plans to actively monitor its share price and explore options to address and resolve the deficiency.

Company Overview

Sol-Gel Technologies, Ltd. is dedicated to developing and commercializing dermatological treatments. Their portfolio includes two FDA-approved products: TWYNEO® for treating acne vulgaris in adults and children over nine years old, and EPSOLAY® for managing inflammatory lesions of rosacea in adults. Both products are licensed exclusively to Galderma in the U.S. and to Searchlight in Canada. Additionally, TWYNEO is commercialized by Beimei Pharma in China, Hong Kong, Macau, Taiwan, and Israel.

The company's pipeline features a Phase 3 clinical trial for SGT-610 (patidegib gel, 2%), aimed at preventing new basal cell carcinoma lesions in Gorlin syndrome patients. This topical hedgehog inhibitor is expected to offer a safer alternative to oral inhibitors. Another candidate, SGT-210, is under investigation for treating rare hyper-keratinization disorders.

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