STRATA Skin Granted Extension by Nasdaq to Regain Compliance with Minimum Bid Requirement
January 03 2024 - 8:00AM
STRATA Skin Sciences, Inc. (“STRATA” or the “Company”) (NASDAQ:
SSKN), a medical technology company dedicated to developing,
commercializing and marketing innovative products for the treatment
of dermatologic conditions, today announced that it has received a
notification letter (“Notice”) from Nasdaq Stock Market LLC
(“Nasdaq”) that the Company has been granted a 180-day extension,
or until June 24, 2024, to regain compliance with Nasdaq’s minimum
bid price rule.
As previously disclosed, on June 26, 2023, the
Company received Notice from Nasdaq notifying the Company of its
noncompliance with Nasdaq Listing Rule 5550(a)(2) (the “Rule”) by
failing to maintain a minimum closing bid price for its common
stock on the Nasdaq Global Select Market of at least $1.00 per
share for 30 consecutive business days. The Company was given a
period of 180 calendar days, or until December 26, 2023, to regain
compliance with the minimum closing bid price requirement.
Nasdaq’s determination is 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 and if necessary, by effecting a reverse stock split.
If at any time before June 24, 2024, the closing
bid price of the Company’s ordinary shares is at least $1.00 per
share for a minimum of 10 consecutive business days, the Company
will regain compliance with this Nasdaq rule and this matter will
be closed.
The Company will continue to monitor the closing
bid price for its common stock and to assess its options for
maintaining the listing of its common stock on the NASDAQ Capital
Market in light of this Notice.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company's common
stock, which will continue to trade on the Nasdaq Capital Market
under the symbol “SSKN.”
About STRATA Skin Sciences,
Inc.STRATA Skin Sciences is a medical technology company
dedicated to developing, commercializing and marketing innovative
products for the in-office treatment of various dermatologic
conditions such as psoriasis, vitiligo, and acne. Its products
include the XTRAC® excimer laser, VTRAC® lamp systems, and the
TheraClear®X Acne Therapy System.
STRATA is proud to offer these exciting
technologies in the U.S. through its unique Partnership Program.
STRATA’s popular partnership approach includes a fee per treatment
cost structure versus an equipment purchase, installation and use
of the device, on-site training for practice personnel, service and
maintenance of the equipment, dedicated account and customer
service associates, and co-op advertising support to help raise
awareness and promote the program within the practice.
Safe HarborThis press release
includes "forward-looking statements" within the meaning of the
Securities Litigation Reform Act of 1995. These statements include
but are not limited to the Company’s plans, objectives,
expectations and intentions and may contain words such as “will,”
“may,” “seeks,” and “expects,” that suggest future events or
trends. These statements, the Company’s ability to launch and sell
an acne treatment device and to integrate that device into its
product offerings, the Company’s ability to develop, launch and
sell products recently acquired or to be developed in the future,
the Company’s ability to develop social media marketing campaigns,
direct to dermatologist marketing campaigns, and the Company’s
ability to build a leading franchise in dermatology and aesthetics,
are based on the Company’s current expectations and are inherently
subject to significant uncertainties and changes in circumstances.
Actual results may differ materially from the Company’s
expectations due to financial, economic, business, competitive,
market, regulatory, adverse market conditions labor supply
shortages, or supply chain interruptions resulting from the
coronavirus, fiscal, and political factors, responses, or
conditions affecting the Company, the medical device industry and
our customers and patients in general, as well as more specific
risks and uncertainties set forth in the Company’s SEC reports on
Forms 10-Q and 10-K. Given such uncertainties, any or all these
forward-looking statements may prove to be incorrect or unreliable.
The statements in this press release are made as of the date of
this press release, even if subsequently made available by the
Company on its website or otherwise. The Company does not undertake
any obligation to update or revise these statements to reflect
events or circumstances occurring after the date of this press
release. The Company urges investors to carefully review its SEC
disclosures available at www.sec.gov and
www.strataskinsciences.com.
Investor Contact:Rich CockrellCG CapitalPhone:
+1 (404) 736-3838sskn@cg.capital
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