Nasdaq Confirms Eargo’s Minimum Bid Price Deficiency is Cured

Rhea-AI Summary

Eargo, Inc. (Nasdaq: EAR) announced on February 6, 2023, that it has cured its minimum bid price deficiency, as confirmed by a letter from Nasdaq dated February 1, 2023. The company's compliance followed a 1-for-20 reverse stock split approved by shareholders on October 12, 2022, and implemented on January 17, 2023. Post-split, Eargo's stock closed above $1.00 for ten consecutive business days ending January 31, 2023. Eargo aims to enhance hearing health with its innovative hearing aids, which are FDA-regulated and offered at competitive prices, addressing challenges related to traditional hearing aid adoption.

Positive

• Minimum bid price deficiency cured, ensuring compliance with Nasdaq requirements.
• Successful 1-for-20 reverse stock split improved stock price above required threshold.
• Eargo's hearing aids are competitively priced at approximately half the cost of traditional alternatives.

Negative

• None.

SAN JOSE, Calif., Feb. 06, 2023 (GLOBE NEWSWIRE) -- Eargo, Inc. (Nasdaq: EAR) (the “Company” or “Eargo”), a medical device company on a mission to improve the quality of life of people with hearing loss, announced today that it received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) dated February 1, 2023 informing Eargo that the Company’s minimum bid price deficiency has been cured.

The letter from Nasdaq follows the Company’s 1-for-20 reverse stock split approved by stockholders on October 12, 2022 and effected on January 17, 2023, after which the closing price of the Company’s common stock was at least $1.00 per share for the 10 consecutive business days ended January 31, 2023.

About Eargo

Eargo is a medical device company on a mission to improve hearing health. Our innovative products and go-to-market approach address the major challenges of traditional hearing aid adoption, including social stigma, accessibility and cost. We believe our Eargo hearing aids are the first virtually invisible, rechargeable, completely-in-canal, FDA-regulated devices indicated to compensate for mild to moderate hearing loss. Our differentiated, consumer-first approach empowers consumers to take control of their hearing. Consumers can purchase online, at retail locations or over the phone and get personalized and convenient consultation and support from hearing professionals via phone, text, email or video chat. Eargo hearing aids are offered to consumers at approximately half the cost of competing hearing aids purchased through traditional channels in the United States.

Related Links
http://eargo.com

Investor Contact
Nick Laudico
Senior Vice President of Corporate Strategy and Investor Relations
ir@eargo.com

FAQ

What recent news did Eargo announce regarding its stock price compliance?

Eargo announced on February 6, 2023, that it has cured its minimum bid price deficiency, confirming compliance with Nasdaq regulations.

When did Eargo implement its reverse stock split?

Eargo implemented its 1-for-20 reverse stock split on January 17, 2023.

How did Eargo's stock perform after the reverse stock split?

After the reverse stock split, Eargo's stock price remained above $1.00 for ten consecutive business days ending January 31, 2023.

What is Eargo's mission in the medical device industry?

Eargo is focused on improving the quality of life for people with hearing loss through innovative hearing aids.