XWELL, Inc. Granted 180-Day Extension by NASDAQ to Regain Compliance with Minimum Bid Price Rule
April 27 2023 - 4:15PM
XWELL, Inc. (Nasdaq: XWEL), an authority in health and wellness
solutions for people on the go, today announced that it has
received a notification letter from the Listing Qualifications
Department of the Nasdaq Stock Market LLC (“Nasdaq”) that the
Company has been granted an additional 180-days to regain
compliance with Nasdaq's minimum Bid Price Requirement. The Notice
has no immediate effect on the listing or trading of the Company’s
common stock, which continues to trade on the Nasdaq Capital Market
under the symbol “XWEL”.
The Nasdaq determination was based on the
Company meeting the continued listing requirement for 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 written notice of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.
Under Nasdaq Listing Rules, the Company has a
period of 180 calendar days, or October 23, 2023 (the “Compliance
Date”), to regain compliance with the Bid Price Requirement. To
regain compliance, the closing bid price of the Company’s common
stock must be at least $1.00 for a minimum of 10 consecutive
business days prior to the Compliance Date.
The Company intends to monitor the closing bid
price of its common stock between now and October 2023 and intends
to consider available options to regain compliance with the Bid
Price Requirement by the Compliance Date, including possibly
effecting a reverse stock split of its common stock. However, there
can be no assurance that the Company will be able to regain
compliance with the Bid Price Requirement, or will otherwise be in
compliance with other Nasdaq Listing Rules.
Previously, on October 28, 2022, the Company
received a written notification from Nasdaq notifying the Company
that the closing bid price for its common stock had been below
$1.00 for 30 consecutive business days and that the Company
therefore is not in compliance with the minimum bid price
requirement for continued inclusion on The Nasdaq Capital Market
under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price
Requirement”).
About XWELL, Inc.
XWELL, Inc. (Nasdaq: XWEL) is a leading
global health and wellness holding company operating four brands:
XpresSpa®, Treat, XpresCheck® and HyperPointe™
- XpresSpa is a
leading airport retailer of wellness services and related products,
with 35 locations in 15 airports globally.
- Treat is a
travel health and wellness brand and a fully integrated concept
blending technology with traditional brick and mortar offerings to
provide a holistic approach to physical and mental well-being for
travelers.
- XpresCheck is a
provider of screening and diagnostic testing in partnership with
the CDC and Concentric by Ginkgo, conducting bio-surveillance
monitoring in its airport locations to identify new SARS-CoV2
variants of interest and concern as well as other pathogens
entering the country from across the world.
- HyperPointe is a
leading digital healthcare and data analytics relationship company
serving the global healthcare industry.
Forward-Looking Statements
This press release may contain "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Securities Exchange Act of 1934.
These include statements preceded by, followed by or that otherwise
include the words "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future,"
"continue," or the negative of such terms, or other comparable
terminology. Forward-looking statements relating to expectations
about future results or events are based upon information available
to XWELL as of today's date and are not guarantees of the future
performance of the Company, and actual results may vary materially
from the results and expectations discussed. Additional information
concerning these and other risks is contained in the Company’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K, and other Securities and Exchange
Commission filings (which reports were filed under the Company’s
former name, XpresSpa Group, Inc., prior to its previously
announced name change effective October 25, 2022). All subsequent
written and oral forward-looking statements concerning XWELL, or
other matters and attributable to XWELL or any person acting on its
behalf are expressly qualified in their entirety by the cautionary
statements above. XWELL does not undertake any obligation to
publicly update any of these forward-looking statements to reflect
events or circumstances that may arise after the date hereof.
MediaHeather Tidwell MWW
htidwell@mww.com
XWELL (NASDAQ:XWEL)
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