Reunion Neuroscience receives notice of non-compliance from Nasdaq

Reunion Neuroscience received a letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, based upon the closing bid price of the Company’s common shares for the 30 consecutive business day period between March 7, 2023, through April 18, 2023, the Company did not meet the minimum bid price of U.S. $1.00 per common share required for continued listing on the Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1). The Notice has no immediate effect on the listing of the Company’s common shares on the Nasdaq Global Select Market. The letter also indicated that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company will be provided with a compliance period of 180 calendar days, or until October 16, 2023 , to regain compliance. In order to regain compliance with NASDAQ’s minimum bid price requirement, the Company’s common shares must maintain a minimum closing bid price of at least U.S. $1.00 for a minimum of ten consecutive business days during the Compliance Period. In the event the Company does not regain compliance with Nasdaq Listing Rule 5450(a)(1) by the end of the Compliance Period, the Company may be eligible for an additional 180 calendar days to regain compliance in accordance with Nasdaq Listing Rule 5810(c)(3)(A)(ii). However, if it appears to NASDAQ that the Company will be unable to cure the deficiency, or if the Company is not otherwise eligible for the additional cure period, the Company may face delisting. The letter has no immediate impact on the Company’s business operations or listing of the Company’s common shares, which will continue to be listed and traded on the Nasdaq Global Select Market, subject to the Company’s compliance with the other listing requirements of the Nasdaq Global Select Market.