Amedica Granted 180-Day Extension by NASDAQ to Regain Compliance with Minimum Bid Price Rule
February 15 2017 - 07:20AM
Marketwired
Amedica Granted 180-Day Extension by NASDAQ to Regain Compliance
with Minimum Bid Price Rule
SALT LAKE CITY, UT-(Marketwired - Feb 15, 2017) - Amedica
Corporation (NASDAQ: AMDA), an innovative biomaterial company which
develops and manufactures silicon nitride as a platform for
biomedical applications, announced today that on February 14, 2017,
it received notification from the NASDAQ Stock Market indicating
that the Company will have an additional 180-day grace period,
until August 14, 2017, to regain compliance with NASDAQ's $1.00
minimum bid requirement. The notification indicated that the
Company did not regain compliance during the initial 180-day grace
period provided under the rule. In accordance with NASDAQ
Marketplace Rule 5810(c)(3)(A), the Company is eligible for the
additional grace period because it meets the initial listing
requirements for the NASDAQ Capital Market except for the bid price
and provided written notice of its intention to cure the deficiency
during the second compliance period by effecting a reverse stock
split, if necessary.
The NASDAQ letter does not impact Amedica's listing on The
NASDAQ Capital Market at this time and Amedica's common stock will
continue to trade under its current symbol "AMDA" during the
additional 180-day compliance period.
The Company can regain compliance by maintaining a minimum
closing bid price of $1.00 per share for 10 consecutive business
days. If Amedica does not meet the minimum bid requirement during
the 180-day grace period, NASDAQ will provide written notification
to the Company that its common stock will be subject to delisting.
At that time, the Company can ask NASDAQ for a hearing to present a
plan to regain compliance.
About Amedica Corporation Amedica is focused on the development
and application of medical-grade silicon nitride ceramics. Amedica
markets spinal fusion products and is developing a new generation
of wear- and corrosion-resistant implant components for hip and
knee arthroplasty. The Company manufactures its products in its ISO
13485 certified manufacturing facility and, through its partnership
with Kyocera, the world's largest ceramic manufacturer. Amedica's
spine products are FDA-cleared, CE-marked, and are currently
marketed in the U.S. and select markets in Europe and South America
through its distributor network and its OEM partnerships.
For more information on Amedica or its silicon nitride material
platform, please visit www.amedica.com.
Forward-Looking Statements This press release contains
statements that constitute forward-looking statements within the
meaning of the Securities Act of 1933 and the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation Reform
Act of 1995. These statements are based upon our current
expectations and speak only as of the date hereof. Our actual
results may differ materially and adversely from those expressed in
any forward-looking statements as a result of various factors and
uncertainties. For example, there can be no assurance that we will
be able to maintain our listing on any NASDAQ market. Other factors
that could cause actual results to differ materially from those
contemplated within this press release can also be found in
Amedica's Risk Factors disclosure in its Annual Report on Form
10-K, filed with the Securities and Exchange Commission (SEC) on
March 23, 2016, and in Amedica's other filings with the SEC.
Forward-looking statements contained in this press release speak
only as of the date of this press release. We undertake no
obligation to update any forward-looking statements as a result of
new information, events or circumstances or other factors arising
or coming to our attention after the date hereof.
Contact: Amedica IR 801-839-3502 IR@amedica.com
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