Carmell Corporation, a medical device company, has been notified by The Nasdaq Stock Market LLC of its non-compliance with a key listing rule, putting its continued presence on the exchange in jeopardy. On August 30, 2024, the Pittsburgh-based company, which specializes in surgical and medical instruments, received a notice stating that its Market Value of Listed Securities (MVLS) had fallen below the minimum requirement of $35 million for continued listing on The Nasdaq Capital Market.
The Nasdaq Listing Rule 5550(b)(2) requires a company to maintain an MVLS of at least $35 million. Carmell Corp's MVLS was below this threshold from July 15, 2024, to August 29, 2024. As a result, Nasdaq has granted the company a 180-day period, until February 26, 2025, to regain compliance. During this grace period, the company must achieve an MVLS of $35 million for at least ten consecutive business days.
Should Carmell Corp fail to meet the MVLS Requirement by the Compliance Date, and not qualify under an alternative listing standard, it risks receiving a delisting notification from Nasdaq. The company would then have the opportunity to appeal the decision before a Nasdaq hearings panel.
Despite the notice, there is no immediate impact on the trading of Carmell Corp's common stock or redeemable warrants, which are listed on The Nasdaq Capital Market under the ticker symbols "CTCX" and "CTCXW." The company is actively exploring options to regain compliance with the MVLS Requirement, although it has stated that there is no guarantee of achieving this goal.
In other recent news, Carmell Corporation has announced several key developments. The company has appointed Kendra Bracken-Ferguson as its new Chief Executive Officer, effective from July 30, 2024. This move aligns with Carmell's strategic shift towards skincare and haircare markets, following a business combination in July 2023.
Bracken-Ferguson brings extensive experience from the beauty and wellness industry, including leadership roles at Fleishman-Hillard and Polo Ralph Lauren (NYSE:RL), and co-founding Digital Brand Architects.
In addition to the CEO appointment, Carmell Corporation has elected Richard Upton as a Class I director to serve on its Board of Directors, with his term set to end in 2027. Furthermore, Adeptus Partners, LLC has been confirmed as the independent registered public accounting firm for the year ending December 31, 2024.
These recent developments come as Carmell continues to make strides in its product line, including the development of 12 skincare products, scaling up manufacturing, and initiating commercial sales. The company's product line includes the Carmell Secretome, a blend of proteins, peptides, and bio-lipids derived from human platelets, and a novel microemulsion formulation.
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