Item 3.01 Other Events.
The information set forth under Item 8.01 of this Current Report on Form 8-K is
hereby incorporated by reference in this Item 3.01.
Item 8.01 Other Events.
On December 10, 2019, the United States Bankruptcy Court for the District of
Delaware entered an order approving the sale of the assets of Sienna
Biopharmaceuticals, Inc. (the "Company") related to SNA-001, including all of
the Company's intellectual property related thereto (the "Sale Order"), for an
aggregate purchase price of $1,700,000 in cash, pursuant to an auction process
under Chapter 11 of Title 11 of the United States Code. The Company did not
receive bids for any of its other assets.
Following such approval, on December 10, 2019, the Company notified the Nasdaq
Hearings Panel (the "Panel") of the Nasdaq Stock Market ("Nasdaq") of the
Company's withdrawal from the Panel's hearing process, and requested that Nasdaq
delist the Company's common stock from Nasdaq, effective as of December 13,
2019. The Company anticipates that the Chapter 11 process will be converted to a
Chapter 7 proceeding.
The foregoing description is a summary of the Sale Order and does not purport to
be complete, and is subject to, and qualified in its entirety by reference to,
the Sale Order notice, a copy of which is available at a website administered by
the Company's claims agent, Epiq, at http://dm.epiq11.com/Sienna. For additional
information related to the Company's bankruptcy process, please see the
foregoing website.
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