Skylight Health Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Skylight Health Group (NASDAQ:SLHG) announced receiving a Notification Letter from Nasdaq on June 16, 2022, stating non-compliance with the minimum bid price requirement. The company must achieve a closing bid price of at least $1.00 for 10 consecutive business days by December 13, 2022, to regain compliance. The Notification does not currently affect its Nasdaq listing, and the company's operations remain unaffected. Nasdaq Rule 5550(a)(2) necessitates compliance with minimum bid price standards.

Positive

• Company received 180 days to regain compliance with Nasdaq requirements, which provides time to strategize and potentially increase share price.

Negative

• Company's stock price fell below $1.00 for 30 consecutive business days, indicating potential weakness in market confidence.
• Failure to regain compliance by December 13, 2022, could lead to delisting.

TORONTO, June 23, 2022 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (NASDAQ:SLHG; TSXV:SLHG) (“Skylight Health” or the “Company”), a multi-state primary care management group in the United States, today announced that the Company received written notification (the "Notification Letter") from The Nasdaq Stock Market LLC ("Nasdaq") on June 16, 2022, that the Company is not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common shares for the 30 consecutive business days from May 4, 2022 to June 15, 2022, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until December 13, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's common shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by December 13, 2022, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company's business operations are not affected by the receipt of the Notification Letter.

About Skylight Health Group 

Skylight Health Group (NASDAQ:SLHG;TSXV:SLHG) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (FFS) model to value-based care (VBC) through tools including proprietary technology, data analytics, and infrastructure. In an FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on the volume of patients per day. In a VBC model, the providers offer care that is aimed at keeping patients healthy and minimizing unnecessary health expenditures that are not proven to maintain the patient’s well-being. This places an emphasis on quality over volume. VBC will lead to improved patient outcomes, reduced cost of delivery and drive stronger financial performance from existing practices.

Forward Looking Statements

This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as "look forward," "believe," "continue," "building," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the Canadian and United States securities regulators, including the Securities and Exchange Commission, available at: www.sec.gov, and Canadian Securities Administrators, available at www.sedar.com, and on our website, at skylighthealthgroup.com.

For more information, please visit our website or contact:

Investor Relations:
Jackie Kelly
investors@skylighthealthgroup.com
416-301-2949

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is Skylight Health Group's current status on Nasdaq compliance?

Skylight Health Group received a Notification Letter from Nasdaq for non-compliance with the minimum bid price requirement.

What must Skylight Health Group do to remain listed on Nasdaq?

The company must achieve a closing bid price of at least $1.00 for 10 consecutive business days by December 13, 2022.

What is the significance of the Notification Letter received by Skylight Health Group?

The Notification Letter indicates that the company's stock price has been below the $1.00 minimum requirement for 30 consecutive business days.

What are the potential consequences for Skylight Health Group if compliance is not met?

If compliance is not regained by December 13, 2022, Skylight Health Group could face delisting from Nasdaq.

How does the Nasdaq Notification affect Skylight Health Group's business operations?

The receipt of the Notification Letter does not currently affect Skylight Health Group's business operations.