IceCure Medical Ltd., the manufacturer of the ProSense® System used for tumor treatment, has been served a non-compliance notice from Nasdaq. The notice cites IceCure's failure to maintain the minimum bid price of $1.00 per share, as required by Listing Rule 5810(c)(3)(A). The company, trading under the ticker "ICCM" on the Nasdaq Capital Market, now faces a 180-day grace period to rectify this issue.
The company is required to ensure its shares close at or above $1.00 for a minimum of ten consecutive business days within this grace period. If IceCure fails to meet this requirement, an additional compliance period could be granted if it fulfills other listing standards.
In response to the non-compliance notice, IceCure has announced that it is actively exploring various options for compliance rectification. The firm is committed to retaining its Nasdaq listing and has initiated rigorous share price monitoring along with other corrective measures. These plans were communicated in the company's forward-looking statements in its press release.
The non-compliance notice from Nasdaq adds a new challenge for IceCure Medical Ltd., which is known for its innovative ProSense® product in the medical field. However, the company's proactive approach towards rectifying this issue underscores its commitment to maintaining its standing on the Nasdaq Capital Market.
InvestingPro Insights
According to real-time data from InvestingPro, IceCure Medical Ltd. (ICCM) shares closed at $0.78, which is below the $1.00 minimum bid price required by Nasdaq. Over the past 30 days, the company's shares have experienced a -22% change, emphasizing the urgency of the situation. Despite its current share price challenge, IceCure still holds a market cap of $15.73M, indicating a potential for growth.
InvestingPro tips for investors include closely monitoring IceCure's share price over the next 180 days, as the company works towards regaining compliance. It's also recommended to stay alert for any major announcements from the company that could influence the share price. Remember, these are just two of many valuable tips available through InvestingPro's product offerings.
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