IceCure Medical, a developer of cryoablation technology for tumour 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.
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The 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, according to the company.
IceCure Medical would need to submit a plan to address the bid price deficiency during this second period.
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By GlobalDataThe company has time until 14 January 2025, to achieve compliance and avoid delisting.
In a press statement, the company said: “The company intends to monitor the closing bid price of its ordinary shares and its continued listing on Nasdaq is a priority for the company.
“Should the situation not resolve itself over the above-mentioned time frame, 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 tumour treatment by freezing.
The systems’ primary focus areas are kidney, breast, bone and lung cancer.
Earlier this month, the US Food and Drug Administration granted marketing authorisation for IceCure Medical’s XSense Cryoablation System with CryoProbes.
