G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) Announces Receipt of Nasdaq Minimum Bid Price Notification
June 17 2022 - 4:25PM
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 a written
notice (the “Notice”) from Nasdaq Stock Market LLC, indicating that
the Company is not in compliance with the minimum bid price
requirement for continued listing set forth in Nasdaq Listing Rule
5550(a)(2), which requires listed securities to maintain a minimum
bid price of $1.00 per share. Under Nasdaq Listing Rule
5810(c)(3)(A), the Company has been granted a period of 180
calendar days to regain compliance with the minimum bid price
requirement. The Notice has no immediate effect on the Company's
Nasdaq listing or the trading of its ordinary shares, and during
the grace period, as may be extended, the Company’s ordinary shares
will continue to trade on the Nasdaq Capital Market under the
symbol “GMVD”.
According to the Notice, the Company has
until December 13, 2022 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 $1.00 for a minimum of ten
consecutive business days, in which case the Company will be
provided with written confirmation of compliance and this matter
will be closed. In the event that the Company does not regain
compliance after the initial 180-day period, the Company may then
be eligible for an additional 180-day compliance period if it meets
the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the minimum bid price
requirement. In this case, the Company will need to provide written
notice of its intention to cure the deficiency during the second
compliance period.
If the Company cannot demonstrate compliance by
the allotted compliance period(s), Nasdaq’s staff will notify the
Company that its ordinary shares are subject to delisting.
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
regaining compliance with Nasdaq’s continued listing requirements,
and timing and effect thereof. 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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