Conformis (Nasdaq:CFMS) announced today that it regained compliance with the Nasdaq market’s minimum bid price rule.
Billerica, Massachusetts-based maker of customized knee and hip replacements received a letter from the market notifying it of regained compliance on Nov. 25.
The letter said that the closing price of the company’s common stock registered at $1 per share or greater for 10 consecutive days. This occurred between Nov. 10 and Nov. 23. As such, Conformis regained compliance with the market’s listing requirement.
The company received a letter from Nasdaq on Dec. 31, 2021, notifying it of failure to comply with the requirement. That came following 30 consecutive business days in which CFMS traded below $1 per share.
Conformis said in a news release that the previously disclosed minimum bid price deficiency matter is now closed. Shares of CFMS closed the day up 12.9% at $2.80 apiece, well ahead of the $1 requirement.
The regained compliance represents the second piece of good news for the orthopedic implant maker in as many days. Yesterday, Conformis announced the first procedure performed with its new Actera hip system for hip reconstruction.
Founded in 2004, Conformis utilizes imaging technology to create personalized, patient-specific implants and instrumentation.