Ra Medical Systems, Inc. (“Ra Medical”) (NYSE: RMED), a commercial-stage medical machine firm leveraging its superior excimer laser-based platform to be used within the therapy of vascular and dermatological immune-mediated inflammatory illnesses, at the moment introduced receipt of written discover from The New York Inventory Change (the “NYSE”) indicating that Ra Medical is not in compliance with the NYSE’s continued itemizing requirements as set forth in Part 802.01C of the NYSE’s Listed Firm Guide, which requires listed corporations to take care of a median closing share worth of not less than $1.00 over a consecutive 30 trading-day interval.
In accordance with Part 802.01C of the NYSE’s Listed Firm Guide, Ra Medical has a interval of six months, to regain compliance with the common closing share worth requirement. In response to the COVID-19 pandemic, the NYSE is tolling compliance intervals till not less than June 30, 2020. If such tolling interval just isn’t additional prolonged, Ra Medical should regain compliance by December 31, 2020. To regain compliance, on the final buying and selling day of any calendar month in the course of the remedy interval, Ra Medical’s widespread inventory will need to have (i) a closing worth of not less than $1.00 per share and (ii) a median closing worth of not less than $1.00 per share over the 30-trading day interval ending on the final buying and selling day of such month. If Ra Medical is unable to regain compliance, the NYSE will provoke procedures to droop and delist Ra Medical’s widespread inventory.
The notification has no instant impact on the itemizing of Ra Medical’s widespread inventory, which is able to proceed to be listed and traded on the NYSE in the course of the remedy interval, topic to Ra Medical’s compliance with the opposite itemizing necessities of the NYSE. Ra Medical’s widespread inventory will proceed to commerce beneath the image “RMED” however may have an added designation of “.BC” to point the standing of the widespread inventory as “beneath compliance” with the NYSE’s continued itemizing requirements. The “.BC” indicator can be eliminated at such time as Ra Medical regains compliance.
Ra Medical intends to observe the closing worth of its widespread inventory and take into account implementing obtainable choices to regain compliance with the common closing share worth requirement.