Lucid Diagnostics Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule

Rhea-AI Summary

Lucid Diagnostics (Nasdaq: LUCD) has received a 180-day extension from Nasdaq to regain compliance with the minimum bid price requirement. The company now has until June 16, 2025 to maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. The notification does not immediately affect LUCD's listing status, and shares will continue trading on the Nasdaq Capital Market. The company plans to take appropriate actions to regain compliance before the deadline.

Positive

• No immediate delisting risk as trading continues on Nasdaq
• Additional 180 days granted to meet compliance requirements

Negative

• Stock trading below $1.00 minimum bid price requirement
• Risk of potential delisting if compliance not achieved by June 2025

Insights

Financial Analyst

This Nasdaq compliance extension represents a critical juncture for Lucid Diagnostics, highlighting significant underlying challenges. With a market cap of just $46.8 million, the sub-$1 share price situation reflects deeper concerns about the company's commercial execution and capital structure. The 180-day extension essentially provides a lifeline, but also signals heightened risk.

The implications are substantial: failure to meet the $1 minimum bid requirement by June 2025 could result in delisting, severely impacting trading liquidity and institutional investment access. Management will likely need to consider strategic alternatives, potentially including a reverse stock split - a move that, while maintaining listing compliance, often signals distress to the market.

For investors, this development requires careful scrutiny of Lucid's cash runway and commercialization progress of their cancer diagnostics platform. The company's status as a PAVmed subsidiary adds another layer of complexity to any potential strategic decisions.

NEW YORK, Dec. 23, 2024 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company"), a commercial-stage, cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM), today announced that it had received written notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") that the Company was eligible for a 180-day extension to regain compliance with the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule"). The Company now has until June 16, 2025 to meet the requirement.

The notification 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 "LUCD."

To regain compliance with the Rule, the Company must maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days during the 180-day extension period. The Company will continue to monitor the closing bid price of its common shares between now and the end of the extension period and intends to take all appropriate actions to cure the deficiency and regain compliance with the Rule prior to the end of the compliance period.

About Lucid Diagnostics
Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal reflux disease (GERD), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard^® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck^® Esophageal Cell Collection Device, represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.

For more information, please visit www.luciddx.com and for more information about its parent company PAVmed, please visit www.pavmed.com.

Forward-Looking Statements
This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid's clinical and preclinical studies; whether and when Lucid's products are cleared by regulatory authorities; market acceptance of Lucid's products once cleared and commercialized; Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, Lucid continues to monitor the COVID-19 pandemic and the pandemic's impact on Lucid's businesses. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid's control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid's future operations, see Part I, Item 1A, "Risk Factors," in Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report.  Lucid disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

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SOURCE Lucid Diagnostics

FAQ

What is the deadline for Lucid Diagnostics (LUCD) to meet Nasdaq's minimum bid price requirement?

Lucid Diagnostics has until June 16, 2025, to meet Nasdaq's minimum bid price requirement.

What must LUCD's stock price maintain to regain Nasdaq compliance?

LUCD must maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days.

Will LUCD stock continue trading on Nasdaq during the compliance period?

Yes, LUCD will continue trading on the Nasdaq Capital Market under the symbol 'LUCD' during the compliance period.

What happens if LUCD fails to meet Nasdaq's minimum bid requirement by June 2025?

If LUCD fails to meet the minimum bid requirement by June 2025, it could face potential delisting from the Nasdaq Capital Market.