G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) Announces Receipt of Notice of Deficiency with Nasdaq Continued Listing Requirements
November 22 2022 - 12:27PM
G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) (the “Company”),
a telehealth, medical device, and remote patient monitoring company
providing clinical-grade solutions for consumers, medical
professionals, and healthcare institutions, has received
today a written notice (the “Notice”) from Nasdaq Stock Market
LLC, indicating that the Company is no longer in compliance with
the minimum shareholders’ equity requirement for continued listing
on the Nasdaq Capital Market. Nasdaq Rule 5550(b)(1) requires
listed companies to maintain shareholders’ equity of at
least $2,500,000. Further, the Company did not meet the
alternative compliance standards relating to the market value of
listed securities or net income from continuing operations, as set
forth in Nasdaq Rule 5550(b)(1). In accordance with Nasdaq Rule
5810(c)(2)(A), the Company has 45 calendar days, or until January
6, 2023, to submit a plan to regain compliance. If the plan is
accepted, Nasdaq can grant an extension of up to 180 calendar days
from the date of the letter to evidence compliance. The Notice
has no immediate effect on the Company’s Nasdaq listing or the
trading of its ordinary shares on the Nasdaq Capital Market under
the symbol “GMVD”.
The Company intends to evaluate its courses of
action and to timely submit a plan to Nasdaq to regain compliance
with the Nasdaq minimum shareholders’ equity requirement. However,
there can be no assurance that the Company’s plan will be accepted
or that, if it is, the Company will be able to regain
compliance.
About G Medical Innovations Holdings
Ltd.
G Medical Innovations Holdings Ltd. is an early
commercial stage healthcare company engaged in the development of
next generation mHealth and telemedicine solutions and monitoring
service platforms. The Company’s solutions and services can empower
consumers, patients, and providers to better monitor, manage and
improve clinical and personal health outcomes, especially for those
who suffer from cardiovascular disease (CVD), pulmonary disease and
diabetes. In December 2021 the Company launched its COVID-19
testing business and currently operates several testing facilities
and laboratories performing point-of-care tests to detect
SARS-CoV-2, the virus that causes COVID-19, or antibodies that a
patient’s body makes after getting COVID-19 or after getting
vaccinated. The Company’s current product lines consist of its
Prizma medical device (or Prizma), a clinical grade device that can
transform almost any smartphone into a medical monitoring device
enabling both healthcare providers and individuals to monitor,
manage and share a wide range of vital signs and biometric
indicators; its Extended Holter Patch System, a multi-channel
patient-worn biosensor that captures electrocardiography (ECG) data
continuously, including its QT Syndrome Prolongation Detection
Capabilities Patch. In addition, the Company is developing its
Wireless Vital Signs Monitoring System (VSMS), which is expected to
provide full, continuous, and real time monitoring of a wide range
of vital signs and biometrics. Its monitoring services include
provision of Independent Diagnostic Testing Facility (IDTF)
monitoring services and private monitoring services. Visit
https://gmedinnovations.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, the Company is using
forward-looking statements in this press release when it discusses
the timeline and its intention to submit a plan to regain
compliance with Nasdaq’s continued listing requirements and the
ability of Nasdaq to grant an extension of up to 180 calendar days
from the date of the letter to evidence compliance. Because such
actions deal with future events and are based on the Company’s
current expectations, they are subject to various risks and
uncertainties, and actual results, performance, or achievements of
the Company could differ materially from those described in or
implied by the statements in this press release. The
forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, many of which
are beyond the control of the Company, including those set forth in
the Risk Factors section of the Company’s Annual Report on Form
20-F for the year ended December 31, 2021 filed with the Securities
and Exchange Commission (the “SEC”) on April 29, 2022, and in any
subsequent filings with the SEC. Except as otherwise required by
law, the Company undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. References and links to websites have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press
release.
Investor Relations Contact
G Medical Innovations Holdings
Ltd.service@gmedinnovations.com
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