ANN ARBOR, MI - ENDRA Life Sciences (NASDAQ:NDRA) Inc., a company specializing in electromedical and electrotherapeutic apparatus, is facing delisting from The Nasdaq Capital Market due to non-compliance with the exchange's minimum bid price requirement. The Nasdaq Listing Qualifications Staff notified the company on May 3, 2024, that its common stock had closed below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
The company was granted a 180-day period, until October 30, 2024, to regain compliance. However, on July 15, 2024, ENDRA received a notice indicating that its common stock's bid price had further declined, closing below $0.10 per share for 10 consecutive trading days ending July 12, 2024. Consequently, Nasdaq determined to proceed with delisting the company's common stock.
In response, ENDRA Life Sciences requested a hearing before a Nasdaq Hearings Panel on July 16, 2024, to appeal the delisting decision. This request has stayed any suspension or delisting action pending the hearing's outcome and any subsequent compliance period granted by the Panel.
Despite the appeal, there is no guarantee that the Panel will extend a compliance period or that ENDRA will be able to meet the continued listing requirements. The company is considering measures to regain compliance, including a reverse stock split proposed to shareholders. A vote on the reverse stock split, with a ratio between 1-for-20 and 1-for-50, will take place at the annual meeting of stockholders on August 6, 2024.
ENDRA Life Sciences' management cautions that all forward-looking statements are based on current expectations and assumptions, and actual results may differ materially. The company undertakes no obligation to update any forward-looking statements, except as required by law.
The information in this article is based on a press release statement from ENDRA Life Sciences Inc. and reflects events as of July 19, 2024.
In other recent news, ENDRA Life Sciences reported a decrease in operating expenses and a net loss of $2.8 million for the first quarter of 2024. The company also announced an $8 million public offering, which includes the selling of common stock and warrants, with the net proceeds intended for working capital and general corporate purposes. Craig-Hallum Capital Group is the sole placement agent for the transaction.
ENDRA also reported significant progress with its Thermo Acoustic Enhanced UltraSound (TAEUS) technology, which is being explored for various clinical applications. Notably, the company has concluded a pre-submission meeting with the U.S. Food and Drug Administration (FDA) to discuss the clinical trial design for its TAEUS liver device, a tool designed to non-invasively assess fatty tissue in the liver.
Moreover, ENDRA installed the first TAEUS system in the United Kingdom, marking a significant milestone. The company is actively working with the FDA on clinical requirements for the system's De Novo application and exploring opportunities to license its intellectual property and expand the applications of its TAEUS platform. These are the recent developments in the company's pursuit to revolutionize metabolic health with practical detection and monitoring of liver disease.
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