Titan Medical (Nasdaq:TMDI) announced today that it received an additional 180 days to regain compliance with the Nasdaq market.
According to a news release, the Listing Qualifications Staff of The Nasdaq Stock Market notified the company that it received 180 extra calendar days — running through Dec. 26, 2022 — to evidence compliance with the $1 minimum bid price requirement for continued listing on the market.
Shares of TMDI were down 7.3% at close to 54¢ per share in mid-afternoon trading today.
If at any time before Dec. 26, the bid price for the company’s common shares closes at or above $1 per share for a minimum of 10 consecutive business days (and generally not more than 20 consecutive business days, in Nasdaq’s discretion), it is expected that Nasdaq would provide formal notice that the company has regained compliance with the bid price requirement.
Should Titan not evidence compliance with the minimum bid …