ANN ARBOR, Mich. - ENDRA Life Sciences Inc. (NASDAQ:NDRA), specializing in Thermo Acoustic Enhanced UltraSound (TAEUS®) technology, has been granted an extension by the Nasdaq Hearings Panel to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company now has until November 20, 2024, to maintain a closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading sessions.
The notification, received on August 27, 2024, does not currently affect the trading of ENDRA's common stock, which will continue under the ticker NDRA. As part of their strategy to comply with Nasdaq's terms, ENDRA is exploring all available options to ensure their bid price meets the necessary threshold within the given timeframe.
In conjunction with this update, ENDRA also announced today that a significant majority, 91%, of the Series B Warrants issued during the June 2024 public offering have been exercised. This has resulted in the issuance of 15,831,864 new shares of common stock, increasing the total number of outstanding shares to 17,280,655.
ENDRA Life Sciences is recognized for its innovative TAEUS® technology, which aims to provide a more cost-effective and accessible alternative to MRI for characterizing tissue, initially focusing on the liver. This technology is particularly relevant for the assessment of fatty liver disease, a condition affecting over two billion people worldwide.
The press release also contained forward-looking statements regarding the company's plans and potential for regulatory approvals, product launches, and future financial performance. These statements are based on current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about ENDRA, including its ability to regain and maintain compliance with Nasdaq's continued listing standards.
The information in this article is based on a press release statement from ENDRA Life Sciences Inc.
In other recent news, ENDRA Life Sciences has reported its Q2 2024 results and strategic updates. The company announced a reverse stock split to maintain its NASDAQ listing and detailed six key changes to enhance its performance, including strengthening the management team, revising FDA strategies, and clarifying its long-term vision. Richard Jacroux and Ziad Rouag have joined the team as CFO and Head of Regulatory and Clinical Affairs respectively.
ENDRA has also outlined its focus on pivotal clinical studies for the TAEUS liver device, aiming for completion by mid-2025. Despite the share price falling below $1 due to high volume warrant exercises, the management remains confident about the company's direction and market opportunities.
These recent developments underscore ENDRA's commitment to its Thermoacoustic Technology and the TAEUS liver device, as well as its reassessment of its FDA strategy and go-to-market approach. The company is also working on developing a new long-term business strategy and vision over the next 12 months.
InvestingPro Insights
As ENDRA Life Sciences Inc. (NASDAQ:NDRA) works diligently to meet Nasdaq's minimum bid price requirement, investors and stakeholders are closely monitoring the company's financial metrics and market performance. According to InvestingPro data, ENDRA's market capitalization stands at a modest $0.61 million, reflecting the scale of the company within the broader market landscape.
InvestingPro Tips highlight a mix of challenges and potential signals for investors considering ENDRA's stock. Notably, the company's Price / Book ratio as of Q2 2024 is remarkably low at 0.08, which could indicate that the stock is trading below its net asset value. Additionally, the Relative Strength Index (RSI) suggests that the stock is currently in oversold territory, which sometimes precedes a potential rebound in price as investors perceive the stock to be undervalued.
Despite the recent positive price movement with a 13.89% return over the last week, the long-term perspective reveals a significant downturn, with the stock experiencing a staggering 99.2% decline over the past year. This aligns with the InvestingPro Tip that ENDRA's stock has fared poorly over the last month and quarter, adding to the narrative of high volatility and price sensitivity.
For investors seeking further insights, there are additional InvestingPro Tips available, which provide a deeper analysis of ENDRA's financial health and market position. For a comprehensive understanding of ENDRA's investment potential, including more tips and real-time data, visit https://www.investing.com/pro/NDRA.
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