Company: SPRB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0000950170-25-059288
Chunk: 35

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 35
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’s application to list its stock on the Nasdaq Capital Market, that the Company’s securities would be transferred to the Nasdaq Capital Market at the opening of business on October 28, 2024, and that the Company would be eligible for

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an additional 180 calendar day period, or until April 21, 2025, to regain compliance with the Bid Price Rule.

On April 22, 2025, the Company received a written notification (the “Delisting Notice”) from Nasdaq that as a result of the Company’s ongoing failure to comply with the Bid Price Rule, the Company’s common stock will be delisted from Nasdaq and trading in the Company’s stock will be suspended at the open of trading on April 29, 2025. In connection with the delisting and suspension, the Company expects that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq.

The Company has appealed Nasdaq’s determination to its Hearings Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. However, pursuant to Nasdaq Listing Rule 5815(a)(1)(B)(ii)(d), a timely request for a hearing will not stay the trading suspension of the Company’s common stock as the Company was afforded the second 180 days compliance period described in Nasdaq Listing Rule 5810(c)(3)(A)(ii) and failed to regain compliance with the Bid Price Rule during such period.

As a result of the suspension in trading and expected delisting, the Company expects that its common stock will begin trading publicly on the over-the-counter market on April 29, 2025 under its existing symbol “SPRB”. The over-the-counter market is generally considered to have less trading volume and to be a less efficient market than the Nasdaq, making it more difficult for us to raise additional capital through the public or private sale of equity securities and for investors to dispose of or obtain accurate quotations as to the market value of our common stock. Many investors may be unable to buy or sell our common stock due to difficulty in accessing the over-the-counter market, policies preventing them from trading in securities not listed on a national exchange, or other reasons. Moreover, our common stock may come within the definition of “penny stock” under the Exchange Act, which imposes additional sales practice requirements on broker-dealers who sell securities to persons other than established