Venus Concept Inc. (NASDAQ: NASDAQ:VERO), a medical technology company specializing in aesthetic device solutions, has been notified of potential delisting from the Nasdaq Stock Market due to its share price falling below the required minimum. The company's stock has closed under $1.00 for 32 consecutive business days, failing to meet the Nasdaq's minimum bid price condition for continued listing.
The notice, received on April 11, 2024, does not immediately affect the company's listing status. However, Venus Concept has been given a 180-day period, until October 8, 2024, to address the issue. To regain compliance, the stock must maintain a closing bid price of at least $1.00 for a minimum of ten consecutive business days within this timeframe. Nasdaq may choose to extend this period at its discretion.
If the company does not achieve compliance by the deadline, it may be granted an additional 180 days to meet the requirements, assuming it fulfills other initial listing standards for the Nasdaq Capital Market, except for the bid price. Venus Concept might have to provide a written notice of its intention to rectify the deficiency, potentially through measures such as a reverse stock split.
Venus Concept has indicated plans to monitor its stock's closing bid price closely and may explore options to regain compliance with Nasdaq's Listing Rules. This situation is based on a press release statement and reflects the company's current regulatory standing with the stock market.
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