NanoVibronix Regains Nasdaq Compliance

Rhea-AI Summary

NanoVibronix, Inc. (NASDAQ: NAOV) announced compliance with Nasdaq requirements on February 28, 2023, closing a prior listing matter regarding the $1.00 bid price. The company was granted an extension by the Nasdaq Hearings Panel on October 17, 2022, to regain compliance by February 23, 2023. NanoVibronix specializes in portable medical devices like UroShield® and PainShield® that utilize patented surface acoustic wave technology. These devices are designed for at-home use and aim to provide therapeutic benefits for various medical applications.

Positive

• Regained compliance with Nasdaq listing requirements.
• Closure of previously announced Nasdaq listing matter.

Negative

• None.

ELMSFORD, N.Y.--(BUSINESS WIRE)-- NanoVibronix, Inc. (NASDAQ: NAOV) (the “Company”), a medical device company that produces the UroShield® and PainShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, today announced that on February 28, 2023, the Company received official notice from The Nasdaq Stock Market LLC that the Company has evidenced compliance with all applicable criteria for continued listing on The Nasdaq Capital Market, including the $1.00 bid price requirement. Accordingly, the previously announced Nasdaq listing matter has been closed.

As previously disclosed, on October 17, 2022, the Company was granted an extension by the Nasdaq Hearings Panel (the “Panel”), through February 23, 2023, to regain compliance with the $1.00 bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

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®, UroShield® and WoundShield®, all of 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) market acceptance of our existing and new products or lengthy product delays in key markets; (ii) negative or unreliable clinical trial results; (iii) inability to secure regulatory approvals for the sale of our products; (iv) intense competition in the medical device industry from much larger, multinational companies; (v) product liability claims; (vi) product malfunctions; (vii) our limited manufacturing capabilities and reliance on subcontractor assistance; (viii) insufficient or inadequate reimbursements by governmental and/or other third party payers for our products; (ix) our ability to successfully obtain and maintain intellectual property protection covering our products; (x) legislative or regulatory reform impacting the healthcare system in the U.S. or in foreign jurisdictions; (xi) our reliance on single suppliers for certain product components, (xii) 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; (xiii) our conducting business in foreign jurisdictions exposing us to additional challenges, such as, e.g., 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 (xiv) 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/20230303005067/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 February 28, 2023?

NanoVibronix announced that it complied with Nasdaq requirements and closed the listing matter concerning its $1.00 bid price.

What is the significance of the $1.00 bid price requirement for NAOV?

The $1.00 bid price requirement is crucial for maintaining a listing on the Nasdaq Capital Market, ensuring the company's stock remains viable for investors.

What are the main products of NanoVibronix?

NanoVibronix's main products include UroShield®, PainShield®, and WoundShield®, which utilize surface acoustic wave technology for therapeutic benefits.

How does NanoVibronix's technology work?

The company's proprietary technology creates low-frequency ultrasound waves that can disrupt biofilms, relieve pain, and are suitable for at-home use.

When did NanoVibronix receive an extension from the Nasdaq Hearings Panel?

NanoVibronix was granted an extension by the Nasdaq Hearings Panel on October 17, 2022.