G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) Announces Receipt of Nasdaq Minimum Bid Price Notification

Rhea-AI Summary

G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, which mandates a price of at least $1.00 per share. The company has a grace period of 180 days until December 13, 2022 to regain compliance. If the share price meets the requirement for ten consecutive business days, the issue will be resolved. Failure to comply may lead to delisting. The notice does not affect current trading on the Nasdaq Capital Market.

Positive

• Company has 180-day grace period to regain compliance with Nasdaq minimum bid price requirement.
• Trading on Nasdaq continues unaffected during the compliance period.

Negative

• Currently not in compliance with Nasdaq's minimum bid price of $1.00 per share.
• Failure to regain compliance may lead to delisting from Nasdaq.

Irvine, California, June 17, 2022 (GLOBE NEWSWIRE) -- G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) (the “Company”), a telehealth, medical device, and remote patient monitoring company providing clinical-grade solutions for consumers, medical professionals, and healthcare institutions, has received a written notice (the “Notice”) from Nasdaq Stock Market LLC, indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a period of 180 calendar days to regain compliance with the minimum bid price requirement. The Notice has no immediate effect on the Company's Nasdaq listing or the trading of its ordinary shares, and during the grace period, as may be extended, the Company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “GMVD”.

According to the Notice, the Company has until December 13, 2022 to regain compliance with the minimum bid price requirement. The Company can regain compliance, if at any time during this 180-day period, the closing bid price of its ordinary shares is at least $1.00 for a minimum of ten consecutive business days, in which case the Company will be provided with written confirmation of compliance and this matter will be closed. In the event that the Company does not regain compliance after the initial 180-day period, the Company may then be eligible for an additional 180-day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement. In this case, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period.

If the Company cannot demonstrate compliance by the allotted compliance period(s), Nasdaq’s staff will notify the Company that its ordinary shares are subject to delisting.

About G Medical Innovations Holdings Ltd.

G Medical Innovations Holdings Ltd. is an early commercial stage healthcare company engaged in the development of next generation mHealth and telemedicine solutions and monitoring service platforms. The Company’s solutions and services can empower consumers, patients, and providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from cardiovascular disease (CVD), pulmonary disease and diabetes. In December 2021 the Company launched its COVID-19 testing business and currently operates several testing facilities and laboratories performing point-of-care tests to detect SARS-CoV-2, the virus that causes COVID-19, or antibodies that a patient’s body makes after getting COVID-19 or after getting vaccinated. The Company’s current product lines consist of its Prizma medical device (or Prizma), a clinical grade device that can transform almost any smartphone into a medical monitoring device enabling both healthcare providers and individuals to monitor, manage and share a wide range of vital signs and biometric indicators; its Extended Holter Patch System, a multi-channel patient-worn biosensor that captures electrocardiography (ECG) data continuously, including its QT Syndrome Prolongation Detection Capabilities Patch. In addition, the Company is developing its Wireless Vital Signs Monitoring System (VSMS), which is expected to provide full, continuous, and real time monitoring of a wide range of vital signs and biometrics. Its monitoring services include provision of Independent Diagnostic Testing Facility (IDTF) monitoring services and private monitoring services. Visit https://gmedinnovations.com/. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses regaining compliance with Nasdaq’s continued listing requirements, and timing and effect thereof. Because such actions deal with future events and are based on the Company’s current expectations, they are subject to various risks and uncertainties, and actual results, performance, or achievements of the Company could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on April 29, 2022, and in any subsequent filings with the SEC. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
  
Investor Relations Contact

G Medical Innovations Holdings Ltd.
service@gmedinnovations.com

FAQ

What is the status of G Medical Innovations Holdings Ltd. on Nasdaq?

G Medical Innovations Holdings Ltd. is currently not in compliance with Nasdaq's minimum bid price requirement but has been granted a 180-day grace period to regain compliance.

When does G Medical Innovations need to comply with Nasdaq requirements?

The company has until December 13, 2022, to comply with Nasdaq's minimum bid price requirement.

What happens if G Medical Innovations does not meet Nasdaq compliance?

If the company fails to comply within the grace period, it may face delisting from Nasdaq.

Can G Medical Innovations receive another compliance period?

Yes, if the company does not regain compliance in the initial 180 days, it may be eligible for an additional 180-day period.