G Medical Innovations Holdings Ltd. Announces Receipt of Nasdaq Hearings Panel’s Decision to Grant Exception for Continued Listing
May 15 2023 - 10:24AM
G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) (the “Company”)
announced today that, on May 11, 2023, the Company received notice
from the Hearings Panel (the “Panel”) of the Nasdaq Stock Market
LLC (“Nasdaq”) that the Panel has granted the request of the
Company to continue its listing on Nasdaq, subject to the
conditions described below.
As previously disclosed by the Company, on
November 22, 2022, the Company received a deficiency letter from
the Listing Qualifications Department of the Nasdaq notifying it
that, based on its shareholders’ deficit of $1,240 thousand as of
June 30, 2022, as reported in the Company’s Report of Foreign
Private Issuer on Form 6-K on November 18, 2022, the Company was no
longer in compliance with the minimum shareholders’ equity
requirement for continued listing on the Nasdaq Capital Market
under Nasdaq Listing Rule 5550(b)(1), which requires listed
companies to maintain shareholders’ equity of at least $2.5
million. The Company had 45 calendar days, or until January 6,
2023, to submit a plan to regain compliance. The Company submitted
its compliance plan on January 6, 2023 and made a subsequent
submission on January 19, 2023. On February 16, 2023, the Company
received a letter from the Staff of Nasdaq notifying that Nasdaq
had determined to delist the Company’s Ordinary Shares and
tradeable warrants from Nasdaq based on (i) non-compliance with the
minimum $2,500,000 stockholders’ equity requirement for continued
listing set forth in Nasdaq Listing Rule 5550(b) and (ii) providing
the Staff a submission of information that contained material
misrepresentations, in violation of Nasdaq Listing Rule 5250(a)(1),
in relation to the Company’s extraordinary general meeting of
shareholders, which was adjourned on February 9, 2023 and
ultimately held and concluded on February 16, 2023. On February 23,
2023, the Company requested a hearing before the Panel, which
stayed any delisting or suspension action pending the hearing and
the expiration of any additional extension period granted by the
Panel following the hearing.
On May 11, 2023, the Panel granted the Company’s
request to continue its listing on Nasdaq subject to the
requirement that, by no later than August 4, 2023 (the “Exception
Period”), it provide the Panel with unaudited interim financial
statements for the second quarter of 2023 and demonstrate to the
Panel that the Company continues to meet the equity requirement.
Upon review of the Company’s interim financial statements for the
second quarter of 2023, the Panel will decide if the Company has
demonstrated an ability to maintain compliance with the continued
listing requirements on a long-term basis. In addition, from May
11, 2023 until the end of the Exception Period, the Panel reserves
the right to reconsider the terms of this exception based on any
event, condition or circumstance that exists or develops that
would, in the opinion of the Panel, make continued listing of the
Company’s securities on Nasdaq inadvisable or unwarranted. Until
the end of the Exception Period, the Company is required to provide
prompt notification to the Panel of any significant events that may
affect the Company’s compliance with Nasdaq requirements.
Finally, the Panel has informed the Company that
it does not believe the Company engaged in material
misrepresentations to the Nasdaq Staff in relation to the Company’s
extraordinary general meeting of shareholders, which was adjourned
on February 9, 2023 and ultimately held and concluded on February
16, 2023.
About G Medical Innovations Holdings
Ltd.
G Medical Innovations Holdings Ltd. is a
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 (or CVD), pulmonary disease,
and diabetes. 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 and Monitoring Cardiac Telemetry
Patch services, utilizing a multi-channel patient-worn biosensors,
with algorithms for real time analysis and transmission that
captures electrocardiography (i.e. ECG) data continuously,
including QT Syndrome Prolongation Detection. In addition, the
Company is developing its Wireless Vital Signs Monitoring System
(or 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 (i.e., IDTF) monitoring services and private
monitoring services.
In the second half of 2022, the Company expanded
its business activities into a new business area, at-home
laboratory testing kits. In the third quarter of 2023, the Company
expects that users will be able to purchase a sample collection kit
at retail stores or online and collect their sample from the
comfort and privacy of their home and send it via mail to the
Company’s certified lab for analysis. The Company has developed 31
types of tests kits which can test a wide range health issued
related to hormones, sexual transferred disease, colon cancer,
nutrition, food sensitivities and allergies. In addition, the
Company’s pipeline includes development of additional kits for drug
detection, heavy metal and toxicology. Data received from both
vital signs and lab tests reflects the vision of the Company which
is to allow users to create their personal electronic medical
records and manage their health in one location which is available
for them anywhere and anytime without dependency on any medical
organization.
For more information about G Medical
innovations, 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,” “will” and
similar expressions or variations of such words are intended to
identify forward-looking statements. For example, the Company is
using forward-looking statements when it discusses: that upon
review of the Company’s interim financial statements for the second
quarter of 2023 the Panel will decide if the Company has
demonstrated an ability to maintain compliance with Nasdaq
requirements on a long-term basis; that, in the third quarter of
2023, the Company expects that users will be able to purchase
sample collection kits at retail stores or online and send samples
to the Company’s certified lab for analysis; and the Company’s
pipeline for development of additional kits for drug detection,
heavy metal and toxicology. The forward-looking statements
contained or implied in this press release are subject to other
risks and uncertainties. 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.
Investors Relations Contact:
G Medical innovations Holdings
Ltd. service@gmedinnovations.com
G Medical Innovations (NASDAQ:GMVD)
Historical Stock Chart
From Sep 2024 to Oct 2024
G Medical Innovations (NASDAQ:GMVD)
Historical Stock Chart
From Oct 2023 to Oct 2024