LumiraDx Announces its Securities will be Suspended from Trading on Nasdaq at the Open of Business on January 9th
January 05 2024 - 5:45PM
LumiraDx Limited (Nasdaq: LMDX)(the “Company”) today announced that
it has received notification from The Nasdaq Stock Market LLC
(“Nasdaq”) that its securities will be suspended from trading at
the open of business on January 9, 2024 as a result of the
Company’s failure to maintain compliance with Nasdaq’s continued
listing standards.
As previously disclosed, on October 24, 2023, the Company
received a notice from Nasdaq’s Listing Qualifications Department
(the “Staff”) stating that the Company’s securities were subject to
delisting from The Nasdaq Global Market due to a failure to
maintain compliance with the minimum bid price requirement of
Nasdaq’s continued listing standards. The Company appealed the
Staff’s determination and a hearing was scheduled for January 18,
2024.
On December 29, 2023, the Company announced the appointment of
joint administrators for two of its subsidiaries, LumiraDx Group
Limited and LumiraDx International Limited, which together hold
substantially all of the assets of the LumiraDx group. The
administrators have signed a definitive agreement to sell certain
companies of the LumiraDx group related to LumiraDx’s innovative
point of care technology to Roche. In light of these events, on
December 29, 2023, the Company’s Board of Directors approved the
withdrawal of the Company’s appeal in anticipation of the delisting
of the Company’s securities from Nasdaq.
On January 5, 2024, the Company received a letter from Nasdaq
confirming the Company’s withdrawal of its appeal and stating
that Nasdaq intends to suspend the Company’s securities from
trading at the open of business on January 9, 2024 and will
file a Form 25 with the U.S. Securities and Exchange
Commission when all internal procedural periods have run.
About LumiraDx
LumiraDx Limited (Nasdaq: LMDX) is a next-generation point of
care diagnostics company that is transforming community-based
healthcare. Its actively controlled microfluidic technology
provides fast, high performance and accessible diagnostic solutions
wherever the patient is for nearly any testing scenario, creating
unique testing options at the point of need.
The Company offers a broad menu of lab comparable tests on a
single portable Platform, with more than 30 assays on the market
and in the pipeline, covering infectious diseases, cardiovascular
diseases, diabetes, and coagulation disorders. The Company also
supports high-complexity laboratory testing in an accessible
high-throughput format to leverage current molecular laboratory
operations.
Founded in 2014 and based in the UK, LumiraDx's diagnostic
testing solutions are being deployed globally by governments and
leading healthcare institutions across laboratories, urgent care,
physician offices, pharmacies, schools, and workplaces to help
screen, diagnose, and monitor wellness as well as disease. More
information on LumiraDx is available at www.lumiradx.com.
Contact: investors@lumiradx.com
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