Nuwellis (Nasdaq:NUWE) announced today that the Nasdaq market granted it a 180-day extension to regain compliance.
Minneapolis-based Nuwellis must comply with the market’s minimum $1 bid price requirement for continued listing. The extension of 180 calendar days follows the expiration of its initial 180-day period to regain compliance on Nov. 28. As a result, Nuwellis now has until May 29, 2023, to regain compliance.
Should the bid price for Nuwellis common shares close at or above $1 for a minimum of 10 consecutive business days, any time before May 29, 2023, it regains compliance. Nasdaq would provide written notification to the company confirming as much.
This notification has no immediate effect on the listing or trading of Nuwellis shares. They continue to trade under the NUWE ticker, according to a news release.
Shares of NUWE dipped 3.1% at 15¢ apiece during early-morning trading today. The company, which previously operated as CHF solutions, develops treatments for fluid overload. It recently raised $11 million in a public offering and appointed a new CFO.
More about Nuwellis
Nuwellis has focused on developing, manufacturing, and commercializing its Aquadex SmartFlow system for ultrafiltration therapy.
The company describes Aquadex SmartFlow as a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload).