Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 5, 2023, Quoin Pharmaceuticals Ltd. (the "Company") received a letter
from the Listing Qualifications staff of The Nasdaq Stock Market, LLC ("Nasdaq")
notifying the Company that the closing bid price per American Depositary Share
("ADS") representing 5,000 ordinary shares of the Company was below the required
minimum of $1.00 for a period of 30 consecutive business days and that the
Company did not meet the minimum bid price requirements set forth in Nasdaq Rule
5550(a)(2). Pursuant to Nasdaq Rule 5810(c)(3)(A), the Company has a period of
one hundred eighty (180) calendar days, or until October 2, 2023 (the
"Compliance Period"), to regain compliance with Nasdaq's minimum bid price
requirement. If at any time during the Compliance Period, the closing bid price
per ADS is at least $1.00 for a minimum of ten (10) consecutive business days,
Nasdaq will provide the Company a written confirmation of compliance and the
matter will be closed. In the event the Company does not regain compliance by
October 2, 2023, the Company may be eligible for an additional 180 calendar day
grace period. To qualify, the Company will be required to meet the continued
listing requirement for market value of publicly held ADSs and all other initial
listing standards for The Nasdaq Capital Market, with the exception of the bid
price requirement, and will need to provide written notice of its intention to
cure the deficiency during the second compliance period.
Although Nasdaq notification letter described above has no immediate effect on
the Company's listing on The Nasdaq Capital Market, and the Company is working
on implementing plans to regain compliance with Nasdaq listing standards, there
can be no assurance that the Company will be able to regain compliance with
Nasdaq's minimum bid-price requirement for continued listing.
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