Sonnet Biotherapeutics Holdings Inc. announced that it has received a notice from The Nasdaq Stock Market LLC indicating non-compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market. The company reported stockholders' equity of $662,262, falling short of the required $2,500,000. Sonnet does not meet alternative compliance standards either, such as a market value of listed securities of at least $35 million or net income of $500,000. Nasdaq has given Sonnet until July 14, 2025, to submit a plan to regain compliance, with a possible extension of up to 180 days if the plan is accepted. The company's stock will continue trading under the symbol "SONN" as it explores options to meet the listing requirements. There are no assurances that the company's plan will be accepted or that it will successfully regain compliance.
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