Sonoma Pharmaceuticals, Inc. announced on September 19, 2024, that it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement. The company received a formal determination letter from Nasdaq, confirming that the matter is now closed.
This announcement follows a previous notification on September 22, 2023, from Nasdaq, indicating that Sonoma's common stock did not meet the $1.00 minimum closing bid price requirement for continued listing. Regaining compliance is crucial for the company to maintain its listing status.
Continued listing on the Nasdaq Capital Market provides Sonoma Pharmaceuticals with access to capital and liquidity, which are vital for funding its operations and growth initiatives. This resolution removes a significant regulatory overhang for the company.
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