NeuroMetrix Inc. (NSDQ:NURO) faces de-listing from the NASDAQ exchange if it can’t get its stock price back above the exchange’s $1-per-share minimum requirement, according to a regulatory filing.
The Waltham, Mass.-based nerve testing equipment maker’s shares averaged just over 69 cents for the 30 days before the Sept. 24 NASDAQ warning, well below the exchange’s minimum.
NeuroMetrix has until March 23 to get its shares above the $1 mark for 10 consecutive days, according to the filing with the federal Securities & Exchange Commission.
"The company intends to actively monitor the bid price for its common stock between now and March 23, 2011, and will consider available options to resolve the deficiency and regain compliance," according to the filing.
NeuroMetrix took a pasting during the second quarter, as sales plunged 43.0 percent and net losses widened by 151.0 percent, forcing the nerve testing equipment maker to lay off 25 workers, reorganize its sales force and table the development of its Ascend anesthesia device.
The firm reported net losses of $4.5 million, or 20 cents per share, on sales of $3.9 million during the three months ended June 30. That compares with net losses of $1.8 million, or 13 cents per share, on sales of $6.8 million during Q2 2009.
NURO shares were trading at 60 cents in mid-day activity today, down half a percent.