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Brickell Biotech again faces delisting from Nasdaq

BOULDER — Brickell Biotech Inc. (Nasdaq: BBI) received a notice last week that it faces delisting from the stock exchange after the July resignation of Dennison T. Veru from its board of directors.

With Veru’s resignation, Brickell’s board is no longer made up of a majority of independent directors, which violates Nasdaq rules. Brickell has until its next annual shareholders meeting to come back into compliance. 

This is the second time this year the company has faced delisting from the Nasdaq. In June, Brickell received a delisting notice because its stock price had dropped below the minimum threshold of $1 for more than 30 consecutive days. The company held an emergency shareholders meeting in which it enacted a 1-for-45 reverse stock split that brought its share price back over $1. 

Brickell just finished a strong second quarter of 2022 during which it brought in $4.3 million in revenue.

Source: BizWest