ReWalk Robotics (Nasdaq:RWLK) introduced that it acquired a letter from the Nasdaq inventory market indicating unhappy itemizing necessities.
Final week, the market notified the corporate that it failed to keep up a minimal bid worth of $1 per share. This fails to fulfill the requirement for continued itemizing on Nasdaq.
The corporate grew to become poor with the rule as of Oct. 10, 2022, as its closing bid worth failed to achieve $1 for 30 consecutive enterprise days. RWLK shares rose 1.9% to 85¢ apiece because the market opened this morning.
Rewalk has 180 days (till April 10, 2023) to adjust to the rule. To take action, it should keep a closing bid worth of no less than $1 for 10 consecutive enterprise days. It additionally could also be eligible for a second 180-day interval to fulfill the requirement.
If, as of April 10, 2023, ReWalk maintains a market worth of publicly held shares of no less than $1 million, meets all different Nasdaq itemizing requirements and gives written discover of its intention to treatment the deficiency in the course of the second compliance interval, it might garner eligibility for such interval.
ReWalk mentioned it intends to observe the closing bid of its shares carefully and contemplate plans for regaining compliance. It supplied no assurance that it regains compliance in the course of the 180-day interval, a subsequent extension interval, or in any respect.
Failure to regain compliance might result in a Nasdaq delisting notification. ReWalk might then attraction any delisting willpower to a hearings panel.