iCAD has received a letter from The Nasdaq Stock Market stating that for the previous 30 consecutive business days, the bid price of the company’s common stock closed below the minimum $1.00 per share requirement for continued inclusion on The Nasdaq Global Market.
The Nasdaq letter has no immediate effect on the listing of the company’s common stock, according to a statement released by the Nashua, N.H.-based medical imaging technology provider.
In accordance with marketplace rules, iCAD will be provided with a grace period of 180 calendar days, or until March 7, 2012, to regain compliance with the Minimum Bid Price Rule. To achieve compliance, iCAD’s stock will need to close at $1.00 per share or more for a minimum of 10 consecutive days.
Should iCAD’s stock not regain compliance, Nasdaq will notify the company that its common stock will be delisted from The Nasdaq Global Market. iCAD could then appeal the delisting or transfer its common stock to The Nasdaq Capital Market.