Company: ARTL
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001640334-25-000825
Chunk: 92

Company: ARTELO BIOSCIENCES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part II, Item 1A
Chunk 92
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 a minimum bid price and a minimum public float. For example, we are required to maintain a minimum bid price of $1.00 per share, and our Common Stock traded below that threshold regularly during and prior to our fiscal year ended August 31, 2021. On September 13, 2021, we received a notice from Nasdaq stating that we were not in compliance with Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Rule”) because our Common Stock failed to maintain a minimum closing bid price of $1.00 for 30 consecutive business days. This notice had no immediate effect on the Nasdaq listing or trading of our Common Stock.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we were afforded an initial period of 180 calendar days, or until March 14, 2022, to regain compliance with the Minimum Bid Price Rule. We were then afforded a second grace period of an additional 180 calendar days, or until September 12, 2022, to regain compliance with the Minimum Bid Price Rule. On August 24, 2022, we received a formal notification via letter from Nasdaq confirming that we had regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2), which requires that our Common Stock maintain a minimum bid price of at least $1.00 per share, and that the matter is now closed. 

On April 23, 2025, we received a notice from Nasdaq stating that we were not in compliance with Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Rule”) because our Common Stock failed to maintain a minimum closing bid price of $1.00 for 30 consecutive business days. This notice had no immediate effect on the Nasdaq listing or trading of our Common Stock. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we will be afforded an initial period of 180 calendar days, or until October 20, 2025, to regain compliance with the Minimum Bid Price Rule.

Additionally, as of March 31, 2025 we were  not in compliance with Nasdaq Listing Rule 5550 (b)(1) which requires minimum stockholders’ equity of $2.5 million. Our stockholders’ equity as of that date was $0.7 million. 

If we are unable to maintain compliance with Nasdaq’s continued listing requirements in the