Lucid (NASDAQ:LCID) Diagnostics Inc. received a notification from The Nasdaq Stock Market on Thursday, indicating that the medical device company's stock price has fallen below the minimum required bid price of $1 for 30 consecutive business days, a non-compliance with Nasdaq's continued listing standards.
The New York-based company, which trades under the ticker LUCD, has been given a 180-day period, until December 18, 2024, to regain compliance with the Nasdaq Capital Market's minimum bid price requirement. To achieve this, Lucid Diagnostics' common stock must maintain a closing bid price of at least $1 for at least ten consecutive business days.
Lucid Diagnostics, which specializes in surgical and medical instruments and apparatus, has stated that it plans to explore all available options to resolve the issue and meet Nasdaq's standards. While the notification does not immediately affect the trading of Lucid's common stock, failure to regain compliance within the 180-day grace period could lead to delisting.
If the company is unable to meet the requirement within the initial period, it may qualify for an additional 180 days to regain compliance. Still, if Lucid Diagnostics is deemed ineligible for the extension or if Nasdaq believes that the company will not be able to rectify the deficiency, a delisting process could be initiated after the initial period ends.
The company's securities will continue to be listed and traded on the Nasdaq, with no immediate impact on its market status, as the company evaluates its next steps. This development was disclosed in a Form 8-K filed with the Securities and Exchange Commission on June 21, 2024, by Lucid Diagnostics' Chief Financial Officer, Dennis McGrath.
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