Acutus Medical (Nasdaq:AFIB) announced that it received a letter from the Nasdaq stock market indicating unsatisfied listing requirements.
The Carlsbad, California-based company said it received notification from Nasdaq that it has failed to maintain a minimum bid price of $1 per share for 30 consecutive business days. The notification of noncompliance has no immediate effect on Acutus Medical’s listing or trading of the company’s common stock on the Nasdaq Global Market.
Acutus has 180 calendar days until May 1, 2023, to regain compliance with the minimum bid price requirement, which is $1 per share for a minimum of 10 consecutive business days. Shares in AFIB were up 5.89% this afternoon to 96¢ apiece.
The company may be eligible for an additional 180-calendar day compliance period to satisfy the requirement.
The delisting notification follows news that Acutus Medical completed the first milestone under its asset purchase agreement with Medtronic. It is selling its left-heart access portfolio to the Fridley, Minnesota-based company for $50 million. The milestone achievement triggered a $20 million earnout payment from Medtronic and allows Acutus to become an original equipment manufacturer (OEM) for Medtronic.
Acutus Medical said it intends to actively monitor the bid price of its common stock and will consider available options to regain compliance with the listing requirements.