Guardion Health Sciences Granted 180-Day Extension by Nasdaq to Regain Compliance with Bid Price Rule
March 19 2020 - 12:05PM
Guardion Health Sciences, Inc. (“Guardion” or the “Company”)
(Nasdaq: GHSI), an ocular health sciences company that, among other
things, develops, formulates, manufacture and distributes
condition-specific medical foods supported by evidence-based
protocols, and provides ocular testing, announced today that it
received a letter from the Listing Qualifications Department of The
NASDAQ Capital Market (“Nasdaq”) notifying the Company that it has
been granted an additional 180-day compliance period or until
September 14, 2020, to regain compliance with the minimum $1.00 bid
price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2)
(the “Rule”).
If at any time before September 14, 2020, the
bid price of the Company's common stock closes at $1.00 per share
or more for a minimum of 10 consecutive business days, the Company
will regain compliance with the Rule, and the matter will be
closed. The letter 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),
Nasdaq staff determined that the Company was eligible for an
additional 180-day period to regain compliance based on the Company
meeting the continued listing requirement for the market value of
publicly held shares and all other applicable requirements for
initial listing on the Nasdaq Capital Market with the exception of
the bid price requirement, and the Company’s having provided
written notice of its intention to cure the deficiency during the
second compliance period, including effecting a reverse stock split
if necessary.
If the Company does not meet the minimum bid
requirement during the additional 180-day grace period, Nasdaq will
provide written notification to the Company that its shares will be
subject to delisting. At such time, the Company may appeal the
delisting determination to a Nasdaq Hearings Panel. The Company
would remain listed pending the Panel's decision. There can be no
assurance that if the Company does appeal a subsequent delisting
determination, that such appeal would be successful.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company's shares,
which will continue to trade on the Nasdaq Capital Market under the
symbol “GHSI.”
About Guardion Health Sciences,
Inc.
Guardion® is an ocular health sciences company
that develops, formulates, manufacture and distributes
condition-specific medical foods supported by evidence-based
protocols. Guardion’s initial medical food product, Lumega-Z,
addresses a depleted macular protective pigment, a known risk
factor for age-related macular degeneration (“AMD”) and a
significant component of functional vision performance. Guardion
has also developed a proprietary medical device, the MapcatSF®,
which accurately measures the macular pigment density, therefore
providing the only two-pronged evidence-based protocol for the
treatment of a depleted macular protective pigment. Information and
risk factors with respect to Guardion and its business, including
its ability to successfully develop and commercialize its
proprietary products and technologies, may be obtained in the
Company’s filings with the SEC at www.sec.gov.
About VectorVision®
VectorVision® specializes in the standardization
of contrast sensitivity, glare sensitivity, low contrast acuity,
and ETDRS acuity vision testing. Its patented standardization
system provides the practitioner or researcher the ability to
delineate very small changes in visual capability, either as
compared to the population or from visit to visit. VectorVision’s®
patented technology is considered the standard of care for clinical
trials. VectorVision® is a wholly owned subsidiary of Guardion.
Guardion has completed development of the
proprietary VectorVision® CSV-2000 standardized contrast
sensitivity test and recently introduced the commercial product to
the marketplace. The CSV-2000 is the only computer-generated vision
testing instrument available that will provide the optical
marketplace with the Company’s proprietary, industry-standard
contrast sensitivity test, along with a full suite of standard
vision testing protocols. The proprietary standardization
methodology incorporated into the CSV-2000 includes a patented
technology known as AcQviz that automatically and constantly
measures and adjusts screen luminance to a fixed standard light
level for vision testing.
About NutriGuardTM
NutriGuardTM formulates high-quality,
scientifically credible nutraceuticals, which are designed to
supplement consumers’ diets and assist in the prevention and
management of an array of diseases and conditions. NutriGuard uses
pharmaceutical standards to establish the safety and efficacy of
the products it develops and markets, and also maintains that
commitment through rigorous manufacturing and quality assurance
programs. Guardion plans to increase NutriGuard’s existing customer
base and build on its product platform by making NutriGuard
products available to patients directly and through recommendations
by their physicians.
Forward-Looking Statement
Disclaimer
With the exception of the historical information
contained in this news release, the matters described herein may
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Statements
preceded by, followed by or that otherwise include the words
“believes,” “expects,” “anticipates,” “intends,” “projects,”
“estimates,” “plans” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could” are generally forward-looking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. These statements involve unknown risks and uncertainties
that may individually or materially impact the matters discussed
herein for a variety of reasons that are outside the control of the
Company, including, but not limited to, the Company’s ability to
raise sufficient financing to implement its business plan and the
Company’s ability to successfully develop and commercialize its
proprietary products and technologies. Readers are cautioned not to
place undue reliance on these forward- looking statements, as
actual results could differ materially from those described in the
forward-looking statements contained herein. Readers are urged to
read the risk factors set forth in the Company’s filings with the
SEC, which are available at the SEC’s website (www.sec.gov). The
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Guardion Health Sciences,
Inc.
15150 Avenue of Science, Ste. 200 San Diego, CA
92128Ph 858.605.9055; Fax 858.630.5543www.guardionhealth.com
Investor Relations Contact:
Jenene Thomas JTC Team, LLCTelephone: (833) 475-8247E-Mail:
jtc@jtcir.com
Porter, LeVay & Rose,
Inc.
Michael PorterTelephone: (212) 564-4700 E-mail:
mike@plrinvest.com
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