ReWalk Robotics (Nasdaq:RWLK) announced that it received a letter from the Nasdaq stock market indicating unsatisfied listing requirements.
Last week, the market notified the company that it failed to maintain a minimum bid price of $1 per share. This fails to satisfy the requirement for continued listing on Nasdaq.
The company became deficient with the rule as of Oct. 10, 2022, as its closing bid price failed to reach $1 for 30 consecutive business days. RWLK shares rose 1.9% to 85¢ apiece as the market opened this morning.
Rewalk has 180 days (until April 10, 2023) to comply with the rule. To do so, it must maintain a closing bid price of at least $1 for 10 consecutive business days. It also may be eligible for a second 180-day period to satisfy the requirement.
If, as of April 10, 2023, ReWalk maintains a market value of publicly held shares of at least $1 million, meets all other Nasdaq listing standards and provides written notice of its intention to cure the deficiency during the second compliance period, it could garner eligibility for such period.
ReWalk said it intends to monitor the closing bid of its shares closely and consider plans for regaining compliance. It offered no assurance that it regains compliance during the 180-day period, a subsequent extension period, or at all.