As expected, NMT Medical Inc. (NSDQ:NMTI) was hit with de-listing notifications from the NASDAQ stock exchange.
In a regulatory filing with the Federal Securities and Exchange Commission, the struggling Boston-based company disclosed that it received warning from NASDAQ on July 30, regarding the company’s stock price and minimum market value.
For the previous 30 business days, the price of NMT’s common stock price closed below the minimum $1.00 required for continued listing on the Nasdaq Capital Market under NASDAQ listing rules. The company also failed to meet the $35 million minimum market value of listed securities.
In accordance with the rules, the company has 180 calendar days to "regain compliance," according to the filing. The bid price of the NMT’s common stock must close at greater than or equal to $1.00 per share for a minimum of ten consecutive business days at any time durring the six-month period period. The same rules apply for the company’s MVLS. Though subject to appeal, the company may be delisted if it does comply with either rule.
In June, shares of the company‘s stock took a nose dive on news that the trial, examining the use of its flagship StarFlex cardiac implant for treating stroke and transient ischemic attack, failed to meet its primary endpoint of demonstrable superiority to “current best medical therapy for preventing recurrent strokes and TIAs.”
NMT reversed a $3.8 million loss during the second quarter for a $2.6 million profit, but its sales dropped 16 percent.