Aeon Biopharma (AEON) said Friday it received a notice from NYSE American stating it is not in compliance with the stockholders' equity requirement, which requires at least $2 million in equity.

The company reported a stockholders' deficit of $32.1 million as of Sept. 30 and has incurred losses from continued operations in two of its most recent fiscal years.

Aeon said it has until March 5 to submit a plan to regain compliance and intends to do so

Shares of Aeon Biopharma were down more than 7% in after-hours trading.