Nuwellis, Inc. Receives 180-Day Extension to Meet Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Nuwellis, Inc. (Nasdaq: NUWE) has received a 180-day extension from Nasdaq to meet the minimum bid price requirement of $1.00 per share, following the end of an initial compliance period on November 28, 2022. The new deadline to achieve compliance is May 29, 2023. If Nuwellis' shares close at or above $1.00 for 10 consecutive business days before this date, the company will be notified of compliance. This extension does not affect the current listing or trading of NUWE on the Nasdaq Capital Market.

Positive

• None.

Negative

• Necessity to regain compliance with the minimum $1.00 bid price requirement to remain listed on Nasdaq.
• Failure to maintain the bid price may lead to delisting risks.

MINNEAPOLIS, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company, announced today it received an extension of 180 calendar days from the Nasdaq Stock Market LLC ("Nasdaq") to regain compliance with the Nasdaq’s minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market (the “Bid Price Requirement”), following the expiration of the initial 180 calendar days period to regain compliance on November 28, 2022.

As a result of the extension, the Company now has until May 29, 2023 to regain compliance with the Bid Price Requirement. If at any time before May 29, 2023, the bid price of the Company’s common shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification to the Company that it has achieved compliance with the Bid Price Requirement.

This current notification from Nasdaq has no immediate effect on the listing or trading of the Company’s shares, which will continue to trade on the Nasdaq Capital Market under the symbol “NUWE”.

About Nuwellis
Nuwellis, Inc. (Nasdaq: NUWE) is a medical technology company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration, and innovation. The company is focused on developing, manufacturing, and commercializing the Aquadex SmartFlow^® system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, Minnesota, with a wholly owned subsidiary in Ireland.

About the Aquadex SmartFlow System
The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a health care provider, within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies.

Forward-Looking Statements 
Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the new market opportunities and anticipated growth in 2022 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our ability to execute on our commercialization strategy, the impact of the COVID-19 pandemic, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

CONTACTS

INVESTORS:
Vivian Cervantes
Gilmartin Group LLC
ir@nuwellis.com

FAQ

What is the new compliance deadline for Nuwellis to meet Nasdaq's bid price requirement?

Nuwellis has until May 29, 2023, to regain compliance with Nasdaq's minimum bid price requirement.

What happens if Nuwellis shares close above $1.00 before the deadline?

If Nuwellis shares close at or above $1.00 for 10 consecutive business days, Nasdaq will notify the company of compliance.

How long was the initial compliance period for Nuwellis?

The initial compliance period for Nuwellis lasted for 180 calendar days and ended on November 28, 2022.

What is the stock symbol for Nuwellis?

The stock symbol for Nuwellis is NUWE.

Is there an immediate effect on Nuwellis' stock trading due to the extension?

No, the extension has no immediate effect on the trading of Nuwellis' shares, which continue to trade under the symbol NUWE.