Medigus Receives Nasdaq Letter Regarding Bid Price Compliance
OMER, Israel, Jan. 16, 2017 - Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a medical device company developing minimally invasive endosurgical tools and a leader in direct visualization technology, today reported that on January 12, 2017, it received a letter from NASDAQ indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2) which requires listed securities to maintain a minimum bid price of $1.00 per share.
The NASDAQ notice has no immediate effect on the listing or trading of Medigus' American depositary shares on the NASDAQ Stock Market.
According to the letter from NASDAQ, Medigus has a grace period of 180 calendar days, starting January 12, 2017, to regain compliance with the minimum bid price requirement. Medigus can regain compliance if, at any time before the grace period ends, the bid price of its American depositary shares closes at or above $1.00 per share for a minimum of ten (10) consecutive business days. If Medigus cannot demonstrate bid price compliance by the end of the 180 day grace period, Medigus may become eligible for an additional 180 day grace period if Medigus meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement.