NEW
YORK, June 28, 2023 /PRNewswire/ -- PAVmed
Inc. (NASDAQ: PAVM, PAVMZ) ("PAVmed" or the "Company"), a
diversified commercial-stage medical technology company, operating
in the medical device, diagnostics, and digital health sectors,
today announced that it received a written notice (the "Extension
Notice") from the Nasdaq Stock Market LLC ("Nasdaq") granting the
Company a 180-day extension to regain compliance with Nasdaq's
$1.00 minimum bid price requirement
as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Rule"). The
Company was first notified by Nasdaq on December 29, 2022, and originally was given until
June 27, 2023, to regain compliance.
The Company now has until December 26,
2023, to meet the requirement.
The Extension Notice has no immediate effect on the listing of
the Company's common stock or Series Z warrants, which will
continue to trade uninterrupted under the symbols "PAVM" and
"PAVMZ", respectively.
To regain compliance with the Rule, the Company must maintain a
closing bid price of at least $1.00
per share for a minimum of ten consecutive business days during the
180-day extension period. The Company will continue to monitor the
closing bid price of its common shares between now and the end of
the extension period and intends to take all appropriate actions to
cure the deficiency and regain compliance with the Rule prior to
the end of the compliance period.
About PAVmed and its Subsidiaries
PAVmed Inc. is a diversified commercial-stage medical technology
company operating in the medical device, diagnostics, and digital
health sectors. Its majority-owned subsidiary, Veris Health Inc.,
is a digital health company focused on enhanced personalized cancer
care through remote patient monitoring using implantable biologic
sensors with wireless communication along with a custom suite of
connected external devices. Veris is concurrently developing an
implantable physiological monitor, designed to be implanted
alongside a chemotherapy port, which will interface with the Veris
Cancer Care Platform. Its other majority-owned
subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a
commercial-stage cancer prevention medical diagnostics company that
markets the EsoGuard® Esophageal DNA Test and
EsoCheck® Esophageal Cell Collection Device—the
first and only commercial tools for widespread early detection of
esophageal precancer to prevent esophageal cancer deaths.
For more and for more information about PAVmed, please
visit pavmed.com.
For more information about Veris Health, please
visit verishealth.com.
For more information about Lucid Diagnostics, please
visit luciddx.com.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are any
statements that are not historical facts. Such forward-looking
statements, which are based upon the current beliefs and
expectations of PAVmed's and Lucid's management, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward-looking statements. Risks and uncertainties that
may cause such differences include, among other things, PAVmed's
inability to regain, or subsequently maintain, compliance with
Nasdaq's listing standards; volatility in the price of PAVmed's and
Lucid's common stock; PAVmed's Series Z warrants; general economic
and market conditions; the uncertainties inherent in research and
development, including the cost and time required to advance
PAVmed's and Lucid's products to regulatory submission; whether
regulatory authorities will be satisfied with the design of and
results from PAVmed's and Lucid's clinical and preclinical studies;
whether and when PAVmed's and Lucid's products are cleared by
regulatory authorities; market acceptance of PAVmed's and Lucid's
products once cleared and commercialized; PAVmed's and Lucid's
ability to raise additional funding as needed; and other
competitive developments. In addition, new risks and uncertainties
may arise from time to time and are difficult to predict. For a
further list and description of these and other important risks and
uncertainties that may affect PAVmed's and Lucid's future
operations, see Part I, Item 1A, "Risk Factors," in PAVmed's and
Lucid's most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission, as the same may be updated in
Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form
10-Q filed by PAVmed or Lucid after its most recent Annual Report.
PAVmed and Lucid disclaim any intention or obligation to publicly
update or revise any forward-looking statement to reflect any
change in its expectations or in events, conditions, or
circumstances on which those expectations may be based, or that may
affect the likelihood that actual results will differ from those
contained in the forward-looking statements.
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SOURCE PAVMED INC.