Company: SPRB
Filing Date: 2025-06-06
Form Type: DEFA14A
Source: 0000950170-25-083045
Chunk: 7

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-06-06
Form: DEFA14A
Chunk 7
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 that, for the last 30 consecutive business days, the closing bid price of the Company’s common stock had not been maintained at the minimum required closing bid price of at least $1.00 per share, as required for continued listing pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). Also as previously reported, on October 24, 2024, the Company received an additional notification from the Listing Qualifications Staff of Nasdaq notifying the Company that the staff had approved the Company’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 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 SEC, which will remove the Company’s securities from listing and registration on Nasdaq.

The Company 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. On May 8, 2025, the Company submitted an initial written submission to the Hearings Panel in support of its appeal. On May 19, 2025, the Company received a memorandum (the “Hearing Memorandum”) from the Nasdaq Listing Qualification Staff, which expressed their belief to the Hearings Panel that the delisting determination should be upheld. Consequently, the Company responded to the Hearing Memorandum in a supplemental written submission to the Hearings Panel on