Conformis, Inc. Regains Compliance with Nasdaq’s Minimum Bid Price Rule

Rhea-AI Summary

Conformis, Inc. (NASDAQ:CFMS) announced on November 30, 2022, that it has regained compliance with NASDAQ Listing Rule 5550(a)(2). Following a letter from NASDAQ dated November 25, 2022, it was confirmed that Conformis met the required minimum closing bid price of $1.00 per share for 10 consecutive trading days, commencing November 10, 2022. This compliance issue was initially raised on December 31, 2021, due to a failure to maintain the minimum bid price.

Positive

• Regained compliance with NASDAQ Listing Rule 5550(a)(2).
• Closed the minimum bid price deficiency matter with a confirmed closing bid price above $1.00 for 10 consecutive trading days.

Negative

• None.

BILLERICA, Mass., Nov. 30, 2022 (GLOBE NEWSWIRE) -- Conformis, Inc. (NASDAQ:CFMS) announced today that it received a letter from the Listing Qualifications Department of The NASDAQ Stock Market (“NASDAQ”) on November 25, 2022 notifying Conformis that, based on the closing bid price of Conformis’ common stock having been $1.00 per share or greater on each of the trading days from November 10, 2022 to November 23, 2022, Conformis has regained compliance with Nasdaq Listing Rule 5550(a)(2) and the minimum bid price deficiency matter previously disclosed by Conformis is now closed.

As previously reported, Conformis was notified by NASDAQ on December 31, 2021 that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of The Nasdaq Stock Market. To regain compliance, Conformis was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on November 23, 2022, the tenth consecutive trading day when the closing bid price of the Company’s common stock was greater than $1.00.

About Conformis, Inc.
Founded in 2004, Conformis is a medical technology company focused on advancing orthopedic patient care and creating a world without joint pain. Its product portfolio is designed to maximize surgeon and patient choice by offering fully personalized solutions through its Image-to-Implant^® Platinum Services℠ Program as well as data-informed, standardized solutions that combine many benefits of personalization with the convenience and flexibility of an off-the-shelf system. Conformis’ sterile, just-in-time, Surgery-in-a-Box™ delivery system is available with all of its implants and personalized, single-use instruments. Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover personalized implants and patient-specific instrumentation for all major joints. For more information, visit www.conformis.com. To receive future press releases via e-mail alerts, sign up at ir.conformis.com.

CONTACT
Investor contact
ir@conformis.com
781.374.5598

Source: Conformis, Inc.

FAQ

What is the significance of Conformis regaining NASDAQ compliance?

Regaining compliance with NASDAQ Listing Rule 5550(a)(2) allows Conformis to continue trading on the NASDAQ, avoiding potential delisting.

When did Conformis regain compliance with NASDAQ?

Conformis regained compliance on November 23, 2022, after maintaining a minimum closing bid price of $1.00 for 10 consecutive trading days.

What led to Conformis receiving a compliance notice from NASDAQ?

Conformis was initially notified on December 31, 2021, for failing to maintain the minimum bid price of $1.00 over 30 consecutive business days.

What is the current stock performance of Conformis (CFMS)?

As of November 30, 2022, Conformis has met the required minimum bid price, signifying improved stock performance and compliance.