Sol-Gel Technologies (SLGL) Receives Nasdaq Non-compliance Notice

Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company, pioneering treatments for patients with severe skin conditions, conducting a Phase 3 clinical trial of SGT-610 (patidegib gel, 2%) for Gorlin syndrome, and with two approved large-category dermatology products, TWYNEO^® and EPSOLAY^®, today announced that it received a notification letter on May 21 2024, from the Nasdaq Stock Market LLC Listing Qualifications Department, stating that the Company is not in compliance with the requirement to maintain a minimum bid price of $1 per share, as set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules, since the closing bid price for the Company’s ordinary Shares listed on Nasdaq was below US$1.00 for 33 consecutive business days.Nasdaq’s notice has no immediate effect on the listing of the Company’s ordinary Shares, and the ordinary Shares continue to trade on the Nasdaq Global Market under the symbol "SLGL."

In accordance with Listing Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a period of 180 calendar days from the date of notification, or until November 18, 2024, to regain compliance with the minimum bid price requirement. If at any time before November 18, 2024, the closing bid price of the shares is at least US$1.00 per share for a minimum of 10 consecutive trading days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider such deficiency matter closed. In the event the Company does not regain compliance by November 18, 2024, the Company may be eligible for an additional 180 calendar day period to regain compliance if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement.

The Company intends to actively monitor the bid price for its ordinary shares and will evaluate all available options to resolve the deficiency and regain compliance with the minimum bid requirement.

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