Skye Bioscience regained Nasdaq minimum-bid compliance after its common stock closed at or above $1.00 per share from August 24 through September 4. The result supports continued listing, while CEO Punit Dhillon assumed the principal financial and accounting officer role and his compensation terms remained unchanged.

Key Highlights

  • Punit Dhillon became Skye Bioscience’s principal financial and accounting officer while remaining CEO, president and a director.
  • John P. Sharp’s resignation was not related to disagreements over financial statements, controls, operations, policies or practices.
  • The board appointed Dhillon effective September 8, while the decision was formally made on September 9.

Skye Bioscience, Inc. (NASDAQ: SKYE) regained compliance with Nasdaq’s minimum bid-price requirement after its common stock recorded a closing bid price of at least $1.00 per share from August 24 through September 4. The development coincided with the termination of its Master Services Agreement with Lohman & Associates, effective September 8.

CFO Departure Ends Lohman Services Agreement

The notice followed John P. Sharp’s resignation as chief financial officer and principal financial and accounting officer on the same effective date. Sharp’s departure was not connected to any disagreement with Skye Bioscience or its independent auditors regarding financial statements, internal controls, operations, policies or practices.

Nasdaq Compliance Matter Is Closed

The board appointed Dhillon to the finance role on September 9, with the appointment effective September 8. The company said there were no arrangements or understandings behind the appointment, no family relationships with any director or executive officer, and no direct or indirect material interest requiring disclosure under Item 404(a) of Regulation S-K. Nasdaq notified Skye Bioscience that its closing bid price had met or exceeded $1.00 per share from August 24 through September 4.