Electing to jump before it was pushed, NMT Medical Inc. is shifting its stock to the NASDAQ Capital Market, effective with the start of Wednesday’s trading.
Shares of the Boston-based implant manufacturer previously traded on the tech exchange’s Global Market. The stock will retain its “NMTI” ticker.
According to a regulatory filing, NMT officials were told earlier this week that the company had fallen below the $10 million threshold in stockholder equity needed to retain its listing on the Global Market. The executives responded by voluntarily seeking a listing on the Capital Market, previously known as the NASDAQ SmallCap market.
The exchange approved the move Monday.
In addition to less stringent listing requirements, NMT will enjoy slightly smaller annual fees of $27,500 a year, down from the $35,000 assessed for Global Market firms of similar size.
As of June 30, NMT Medical reported $7.1 million in total stockholder equity, down from $14.4 million reported in the year-ago quarter. The drop in shareholder equity was almost entirely the result of the company’s still-growing accumulated deficit, totaling $45.7 million at the end of the second quarter.
The company finished the three months ended March 31 with about $10.9 million in stockholder equity.