NanoVibronix Receives Extension to Satisfy Nasdaq Price Requirement

Rhea-AI Summary

On October 17, 2022, NanoVibronix, Inc. (NASDAQ: NAOV) received a continued listing grant from the Nasdaq Hearings Panel, subject to conditions including a compliance update by December 15, 2022, regarding the $1.00 bid price requirement. The Panel may extend the compliance period until February 23, 2023. Additionally, the Company plans to seek shareholder approval for a potential reverse stock split at the annual meeting on December 15, 2022, to regain compliance. NanoVibronix specializes in medical devices using patented surface acoustic wave technology for various health applications.

Positive

• Continued listing granted by Nasdaq Hearings Panel.
• Potential for extension until February 23, 2023, to meet compliance.

Negative

• Need to provide evidence of compliance with $1.00 bid price requirement.
• Potential reverse stock split may indicate financial distress.

ELMSFORD, N.Y.--(BUSINESS WIRE)-- NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company utilizing the Company's proprietary and patented low intensity surface acoustic wave (SAW) technology, today announced that on October 17, 2022, a Nasdaq Hearings Panel (the “Panel”) granted the Company’s request for continued listing on The Nasdaq Capital Market (“Nasdaq”), subject to the Company’s satisfaction of certain conditions, including the provision of an update to the Panel on December 15, 2022, regarding the Company’s efforts to evidence compliance with the $1.00 bid price requirement for continued listing on Nasdaq. Following the submission of such update, the Panel will consider the Company’s request for a further extension. The Panel has the authority to grant the Company an extension through February 23, 2023, in accordance with the Nasdaq Listing Rules.

As set forth in the preliminary proxy statement filed by the Company with the Securities and Exchange Commission on October 13, 2022, at the annual meeting to be held on December 15, 2022, the Company will seek shareholder approval for the implementation of a reverse stock split if necessary and at the Board’s discretion to regain compliance with Nasdaq’s price requirement.

About NanoVibronix, Inc.

NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, New York, with research and development in Nesher, Israel, focused on developing medical devices utilizing its patented low intensity surface acoustic wave (SAW) technology. The proprietary technology allows for the creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including for disruption of biofilms and bacterial colonization, as well as for pain relief. The devices can be administered at home without the assistance of medical professionals. The Company’s primary products include PainShield® and UroShield®, which are portable devices suitable for administration at home without assistance of medical professionals. Additional information about NanoVibronix is available at: www.nanovibronix.com.

Forward-looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) the geographic, social and economic impact of COVID-19 on the Company’s ability to conduct its business and raise capital in the future when needed, (ii) market acceptance of our existing and new products or lengthy product delays in key markets; (iii) negative or unreliable clinical trial results; (iv) inability to secure regulatory approvals for the sale of our products; (v) intense competition in the medical device industry from much larger, multinational companies; (vi) product liability claims; (vii) product malfunctions; (viii) our limited manufacturing capabilities and reliance on subcontractor assistance; (ix) insufficient or inadequate reimbursements by governmental and/or other third party payers for our products; (x) our ability to successfully obtain and maintain intellectual property protection covering our products; (xi) legislative or regulatory reform impacting the healthcare system in the U.S. or in foreign jurisdictions; (xii) our reliance on single suppliers for certain product components, (xiii) the need to raise additional capital to meet our future business requirements and obligations, given the fact that such capital may not be available, or may be costly, dilutive or difficult to obtain; (xiv) our conducting business in foreign jurisdictions exposing us to additional challenges, such as foreign currency exchange rate fluctuations, logistical and communications challenges, the burden and cost of compliance with foreign laws, and political and/or economic instabilities in specific jurisdictions; and (xv) market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. 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, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221019005202/en/

Investor Contacts:

Brett Maas, Managing Principal, Hayden IR, LLC

brett@haydenir.com

(646) 536-7331

Source: NanoVibronix, Inc.

FAQ

What did NanoVibronix announce on October 17, 2022?

NanoVibronix announced that the Nasdaq Hearings Panel granted its request for continued listing on Nasdaq, subject to compliance conditions.

What is the deadline for NanoVibronix to update the Nasdaq Panel?

The Company must provide an update by December 15, 2022.

What is the purpose of the reverse stock split proposal by NanoVibronix?

The reverse stock split is proposed to regain compliance with Nasdaq’s price requirement.

When is the annual meeting for NanoVibronix shareholders?

The annual meeting is scheduled for December 15, 2022.

What technology does NanoVibronix use in its products?

NanoVibronix utilizes patented low intensity surface acoustic wave technology for its medical devices.