NanoVibronix Regains Nasdaq Compliance
February 03 2021 - 8:00AM
Business Wire
Complies with Minimum Bid Price Requirement;
Complies with Equity Requirement
NanoVibronix, Inc., (NASDAQ: NAOV), a
medical device company that produces the UroShield® and PainShield®
Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic
Devices, today announced that it received notice from the Nasdaq
Listing Qualification Office of The Nasdaq Stock Market LLC
("Nasdaq") on February 2, 2021 that it has regained compliance with
the minimum bid price requirement under Nasdaq Listing Rule
5550(a)(2) (“Min Bid Price Listing Rule”).
In addition, on January 4, 2021 the company received notice from
Nasdaq that it has regained compliance with the equity requirement
under Nasdaq Listing Rule 5550(b)(1).
As previously disclosed:
On November 5, 2020, the company received a letter from the
Nasdaq indicating that, based upon the closing bid price of the
company’s common stock for the 30 consecutive business day period
between September 24, 2020, through November 4, 2020, the company
did not meet the minimum bid price of $1.00 per share required for
continued listing on the Nasdaq Capital Market pursuant to Nasdaq
Listing Rule 5550(a)(2). The letter also indicated that the company
will be provided with a compliance period of 180 calendar days, or
until May 4, 2021 (the “Compliance Period”), in which to regain
compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
On August 5, 2020, the Company received notice from the Listing
Qualifications Staff of the Nasdaq Stock Market LLC indicating that
the Company no longer satisfied the Nasdaq Listing Rule 5550(b)(1),
which requires listed companies to maintain stockholders’ equity of
at least $2.5 million for continued listing on Nasdaq, and was
therefore subject to delisting.
Both matters are now closed.
About NanoVibronix, Inc.
NanoVibronix, Inc. (Nasdaq: NAOV) is a medical device company
headquartered in Elmsford, New York, with research and development
in Nesher, Israel, focused on developing medical devices utilizing
its patented low intensity surface acoustic wave (SAW) technology.
The proprietary technology allows for the creation of low-frequency
ultrasound waves that can be utilized for a variety of medical
applications, including for disruption of biofilms and bacterial
colonization, as well as for pain relief. The devices can be
administered at home without the assistance of medical
professionals. The Company’s primary products include PainShield®,
UroShield® and WoundShield®, all of which are portable devices
suitable for administration at home without assistance of medical
professionals. Additional information about NanoVibronix is
available at: www.nanovibronix.com.
Forward-looking Statements
This press release contains “forward-looking statements.” Such
statements may be preceded by the words “intends,” “may,” “will,”
“plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company’s control, and cannot be predicted or
quantified; consequently, actual results may differ materially from
those expressed or implied by such forward-looking statements. Such
risks and uncertainties include, without limitation, risks and
uncertainties associated with: (i) the geographic, social and
economic impact of COVID-19 on the Company’s ability to conduct its
business and raise capital in the future when needed, (ii) market
acceptance of our existing and new products or lengthy product
delays in key markets; (iii) negative or unreliable clinical trial
results; (iv) inability to secure regulatory approvals for the sale
of our products; (v) intense competition in the medical device
industry from much larger, multinational companies; (vi) product
liability claims; (vii) product malfunctions; (viii) our limited
manufacturing capabilities and reliance on subcontractor
assistance; (ix) insufficient or inadequate reimbursements by
governmental and/or other third party payers for our products; (x)
our ability to successfully obtain and maintain intellectual
property protection covering our products; (xi) legislative or
regulatory reform impacting the healthcare system in the U.S. or in
foreign jurisdictions; (xii) our reliance on single suppliers for
certain product components, (xiii) the need to raise additional
capital to meet our future business requirements and obligations,
given the fact that such capital may not be available, or may be
costly, dilutive or difficult to obtain; (xiv) our conducting
business in foreign jurisdictions exposing us to additional
challenges, such as, e.g., foreign currency exchange rate
fluctuations, logistical and communications challenges, the burden
and cost of compliance with foreign laws, and political and/or
economic instabilities in specific jurisdictions; and (xv) market
and other conditions. More detailed information about the Company
and the risk factors that may affect the realization of forward
looking statements is set forth in the Company’s filings with the
Securities and Exchange Commission (SEC), including the Company’s
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
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, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210203005126/en/
Investor Contacts: NanoVibronix, Inc.
bmurphy@nanovibronix.com (630) 338-5022 Or: Brett Maas, Managing
Principal, Hayden IR, LLC brett@haydenir.com (646) 536-7331
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