Mobile-health Network Solutions Receives Nasdaq Delinquency Notice for Minimum Bid Price Requirement
TL;DR
MaNaDr's (Nasdaq: MNDR) compliance period allows time to regain stock value, ensuring uninterrupted trading under symbol 'MNDR.'
The company has 180 days to meet Nasdaq's minimum bid price requirement, with potential for an additional 180-day grace period.
MaNaDr's telehealth platform offers personalized medical attention, virtual clinics, and global peer-to-peer support, making healthcare more accessible worldwide.
MaNaDr, ranked #41 in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies, is the first Asia-Pacific telehealth provider listed in the US.
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Mobile-health Network Solutions (Nasdaq: MNDR), a leading Asia-Pacific telehealth provider, has received a delinquency notification from Nasdaq due to its failure to meet the minimum bid price requirement. The company's Class A ordinary shares have traded below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
The notification, dated September 18, 2024, does not result in immediate delisting. MaNaDr has been granted a compliance period until March 17, 2025, to regain compliance with the minimum bid price requirement. To meet this requirement, the company's closing bid price must be at least $1.00 for a minimum of ten consecutive business days during the compliance period.
If MaNaDr fails to regain compliance by the deadline, it may be eligible for an additional 180-day grace period. To qualify for this extension, the company must meet all other Nasdaq Capital Market initial listing standards, except for the bid price requirement. The company would also need to provide written notice of its intention to cure the deficiency, potentially through a reverse stock split.
This development is significant for MaNaDr and its investors, as it highlights the challenges faced by the company in maintaining its Nasdaq listing. The situation could impact investor confidence and the company's ability to raise capital. MaNaDr, ranked 41st in the Financial Times 2024 listing of 500 High-growth Asia-Pacific Companies, will need to focus on improving its stock performance to avoid potential delisting.
The telehealth industry has seen significant growth and competition in recent years, particularly in the Asia-Pacific region. MaNaDr's ability to navigate this regulatory challenge while maintaining its market position will be crucial for its long-term success. Investors and industry observers will be closely monitoring the company's efforts to regain compliance with Nasdaq's listing requirements in the coming months.
Curated from NewMediaWire
