Excerpt from Medical Device Network Article, Published on July 22, 2024
IceCure Medical, a developer of cryoablation technology for tumor destruction, has received a notice from Nasdaq regarding non-compliance with its minimum bid price rule. The company’s shares have fallen below the $1 threshold required for continued listing on the Nasdaq Capital Market. The Nasdaq notice indicates that IceCure Medical has 180 days to regain compliance with the minimum bid price requirement.
During this period, the company’s shares will continue to trade on the Nasdaq under the symbol ‘ICCM’. To comply, the share price must close at $1.00 or higher for at least ten consecutive business days. If IceCure Medical fails to meet the requirement within the initial period, it may be granted an additional 180 days, provided it meets other Nasdaq Capital Market initial listing standards. IceCure Medical would need to submit a plan to address the bid price deficiency during this second period.
The company has until January 14, 2025, to achieve compliance and avoid delisting. In a press statement, IceCure Medical emphasized its commitment to monitoring the closing bid price of its ordinary shares, stating that maintaining its Nasdaq listing is a priority. Should the situation not resolve itself within the given timeframe, the company intends to consider available options to cure the deficiency and regain compliance with the minimum bid price requirement within the compliance period.
IceCure Medical is engaged in developing and marketing advanced liquid-nitrogen-based cryoablation therapy systems for tumor treatment by freezing. The systems primarily focus on kidney, breast, bone, and lung cancer. Earlier this month, the US Food and Drug Administration granted marketing authorization for IceCure Medical’s XSense Cryoablation System with CryoProbes. This notice highlights the importance of compliance for continued trading and the company’s proactive measures to address the issue of IceCure non-compliance.
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