ISFIYA, Israel and BOSTON, Jan. 19,
2018 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or
"Check-Cap") (NASDAQ: CHEK, CHEKW), a clinical-stage medical
diagnostics company engaged in the development of C-Scan®, an
ingestible capsule for preparation-free, colorectal cancer
screening, today announced that the Company received a letter from
Nasdaq (the "Letter"), indicating that the Company is not in
compliance with the minimum bid price requirement for continued
listing set forth in Listing Rule 5550(a)(2) which requires listed
securities to maintain a minimum bid price of $1.00 per share.
The Letter has no immediate effect on the Company's Nasdaq
listing or the trading of its ordinary shares. According to
the Letter, the Company has 180 calendar days, or until
July 17, 2018, to regain compliance
with the minimum bid price requirement. The Company can regain
compliance, if at any time during this 180 day period, the closing
bid price of its ordinary shares is at least $1 for a minimum of ten consecutive business
days, in which case the Company will be provided with a written
confirmation of compliance and this matter will be closed. If
the Company cannot demonstrate compliance by the end of the grace
period, the Nasdaq's staff will notify the Company that its
ordinary shares is subject to delisting. The Company may then be
eligible for an additional 180 day grace period if it meets the
Nasdaq Capital Market's initial listing standards with the
exception of the minimum bid price requirement.
During the grace period, as may be extended, Check-Cap's
ordinary shares will continue to trade on the Nasdaq Capital Market
under the symbol "CHEK".
About Check-Cap
Check-Cap is a clinical-stage medical diagnostics company
developing C-Scan®, the first capsule-based system for
preparation-free colorectal cancer screening.
Utilizing innovative ultra-low dose X-ray and wireless
communication technologies, the capsule generates information on
the contours of the inside of the colon as it passes naturally.
This information is used to create a 3D map of the colon, which
allows physicians to look for polyps and other abnormalities.
Designed to improve the patient experience and increase the
willingness of individuals to participate in recommended colorectal
cancer screening, C-Scan removes many frequently-cited barriers,
such as laxative bowel preparation, invasiveness and sedation.
Legal Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements."
Words such as "may," "should," "could," "would," "predicts,"
"potential," "continue," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, often signify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and may not
be accurate indications of when such performance or results will be
achieved. Forward-looking statements are based on information that
the Company has when those statements are made or management's good
faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. For a discussion of
these and other risks that could cause such differences and that
may affect the realization of forward-looking statements, please
refer to the "Special Note On Forward-looking Statements" and "Risk
Factors" in the Company's Annual Report on Form 20-F and other
filings with the Securities and Exchange Commission (SEC).
Investors and security holders are urged to read these documents
free of charge on the SEC's web site at http://www.sec.gov. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
Investor Contacts
Vivian
Cervantes
PCG Advisory
+1-646-863-6274
vivian@pcgadvisory.com
Meirav Gomeh-Bauer
+972-54-4764979
Meirav@bauerg.com
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SOURCE Check-Cap Ltd.