ISFIYA, Israel, April 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 it has received
notification from the Listing Qualifications Department of The
Nasdaq Stock Market ("Nasdaq") that it has regained compliance with
Nasdaq Listing Rule 5550(a)(2), which concerns minimum bid price
listing requirements. As previously announced, Check-Cap had
been notified by Nasdaq that its ordinary shares failed to maintain
a minimum bid price of $1.00 over 30
consecutive business days as required by the Listing Rules of The
Nasdaq Stock Market.
On April 4, 2018, Check-Cap
effected a 1-for-12 reverse stock split of its outstanding ordinary
shares in order to regain compliance with the Nasdaq requirement,
which was effective at the open of trading on April 4, 2018. On April
18, 2018, Nasdaq provided confirmation to Check-Cap that for
the last 10 consecutive business days, from April 4 to April 17, 2018, the closing bid price
of the Company's ordinary shares has been at $1.00 per share or greater and accordingly, the
Company has regained compliance with Listing Rule 5550(a)(2) and
that the matter is closed.
Check-Cap's ordinary shares 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®, an ingestible 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.