AEON Biopharma, Inc. Receives Notice of Non-Compliance with NYSE American Continued Listing Standards
IRVINE, Calif., February 7, 2025 -- AEON Biopharma, Inc. (NYSE: AEON) (the “Company”), a clinical-stage biopharmaceutical company focused on developing a botulinum toxin complex under a 351(k) biosimilar pathway, today announced that on February 3, 2025, AEON received a notice (the “Notice”) from the NYSE American LLC (the "NYSE American") stating that the Company is not in compliance with Section 1003(a)(i) of the NYSE American Company Guide (the “Company Guide”) requiring a stockholders’ equity of $2.0 million or more if it has reported losses from continued operations and/or net losses in two of its three most recent fiscal years, as a result of the Company’s reported stockholders’ deficit of $32.1 million at September 30, 2024 and losses from continued operations and/or net losses in two of its most recent fiscal years ended December 31, 2023, as reflected in the Company’s Annual Report on Form 10-K/A filed on May 14, 2024. The Notice also indicates that the Company is also not currently eligible for any exemption in Section 1003(a) of the Company Guide.
In connection with its non-compliance with Section 1003(a)(i), the Company must submit a plan (the “Plan”) to the NYSE Regulation by March 5, 2025, advising of actions it has taken or will take to regain compliance with the continued listing standards by August 3, 2026. If NYSE Regulation determines to accept the Plan, the Company will be notified in writing and will be subject to periodic reviews, including quarterly monitoring for compliance with the Plan. If the Company does not submit a plan or if the Plan is not accepted, NYSE American will commence delisting proceedings. Furthermore, if the Plan is accepted but the Company is not in compliance with the continued listing standards by August 3, 2026 or if the Company does not make progress consistent with the Plan, NYSE American will initiate delisting proceedings as appropriate. The Company may appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide.
The Notice has no immediate impact on the listing of the Company’s shares of common stock, par value $0.0001 per share (the “Common Stock”), which will continue to be listed and traded on the NYSE American during this period, subject to the Company’s compliance with the other listing requirements of the NYSE American. The Common Stock will continue to trade under the symbol “AEON”, but will have an added designation of “.BC” to indicate the status of the Common Stock are “below compliance”. The Notice does not affect the Company’s ongoing business operations or its reporting requirements with the Securities and Exchange Commission.
The Company intends to fully comply with NYSE American's requests and will submit its Plan accordingly.
About AEON Biopharma
AEON is a clinical stage biopharmaceutical company focused on developing its proprietary botulinum toxin complex, ABP-450 (prabotulinumtoxinA) injection, or ABP-450, for debilitating medical conditions, with an initial focus on the neurosciences market. ABP-450 is the same botulinum toxin complex that is currently approved and marketed for cosmetic indications by Evolus under the name Jeuveau. ABP-450 is manufactured by Daewoong in compliance with current Good Manufacturing Practice, or cGMP, in a facility that has been approved by the U.S. Food and Drug Administration, Health Canada and European Medicines Agency. The product is approved as a biosimilar in Mexico and India. AEON has exclusive development and distribution rights for therapeutic indications of ABP-450 in the United States, Canada, the European Union, the United Kingdom, and certain other international territories. The Company has
