Check-Cap Ltd. (NASDAQ: CHEK) Announces Receipt of Extension to Meet the Nasdaq's Minimum Bid Price Requirement
Check-Cap Ltd. (NASDAQ: CHEK) announced on June 23, 2022, that it received a 180-day extension from Nasdaq to comply with the minimum $1 bid price requirement, with a new deadline set for December 19, 2022. The company had previously failed to regain compliance after an initial notification in December 2021. If Check-Cap's share price reaches or exceeds $1 for 10 consecutive trading days before the deadline, it will regain compliance. Check-Cap is advancing its C-Scan® technology, a non-invasive colorectal cancer screening test.
- Received an extension until December 19, 2022, to meet Nasdaq's minimum bid price requirement.
- C-Scan® technology may significantly improve colorectal cancer screening.
- Failed to regain compliance with the minimum bid price after the initial notification in December 2021.
ISFIYA, Israel, June 23, 2022 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or "Check-Cap") (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan®, the first and only patient-friendly, preparation-free screening test to detect polyps before they may transform into colorectal cancer (CRC), announces that on June 22, 2022, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is eligible for an additional 180 calendar day period, or until December 19, 2022, to regain compliance with the Nasdaq's minimum
The Company was first notified by Nasdaq of its failure to maintain a minimum bid price of
If at any time before December 19, 2022, the bid price of the Company's ordinary shares closes at or above
About Check-Cap
Check-Cap is a clinical stage medical diagnostics company aiming to redefine colorectal cancer (CRC) screening through the introduction of C-Scan®, the first and only patient-friendly preparation-free screening test to detect polyps before they may transform into colorectal cancer and enable early intervention and cancer prevention. The Company's disruptive capsule-based screening technology aims to help millions of people to stay healthy through preventive CRC screening. C-Scan uses an ultra-low dose X-ray capsule, an integrated positioning, control and recording system, as well as proprietary software to generate a 3D map of the inner lining of the colon as it travels naturally along the gastrointestinal tract. C-Scan is non-invasive and requires no sedation. It requires no bowel preparation, allowing the patients to continue their daily routine with no interruption. C-Scan is not intended to replace colonoscopy. A positive C-Scan result should be followed by colonoscopy. C-Scan is an investigational device and is not available for sale in the United States.
Legal Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" about the Company's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, often signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a discussion of these and other risks that could cause such differences and that may affect the realization of forward-looking statements, please refer to the "Forward-looking Statements" and "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Contacts
Irina Koffler
LifeSci Advisors, LLC
646.970.4681
ikoffler@lifesciadvisors.com
Meirav Gomeh-Bauer
LifeSci Advisors, LLC
+972(0)-54-476-4979
Meirav@lifesciadvisors.com
Media Contact
Mónica Rouco Molina, Ph.D.
Account Supervisor - Europe
LifeSci Communications
mroucomolina@lifescicomms.com
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SOURCE Check-Cap Ltd.
FAQ
What is Check-Cap Ltd's compliance status with Nasdaq as of June 2022?
What is the new deadline for Check-Cap to regain compliance with Nasdaq?
What happens if Check-Cap's share price reaches $1 before the deadline?
What is Check-Cap Ltd's primary product?
What technology does Check-Cap's C-Scan® use?
