Ra Medical Systems (NYSE:RMED) announced today that the New York Stock Exchange (NYSE) accepted its business plan to regain compliance with the NYSE continued listing standards.
In December 2019, Carlsbad, Calif.-based Ra Medical Systems received a letter from the NYSE to notify the company of its non-compliance with the NYSE continued listing standards, as Ra Medical’s average market capitalization over a previous 30-day trading period came in at less than $50 million.
At the same time, the company’s stockholders’ equity stood at less than $50 million. However, with the NYSE accepting Ra Medical’s business plan, the company is now within the 18-month plan period to regain compliance. The plan period is expected to conclude on or before June 4, 2021.
Ra Medical develops the Dabra minimally invasive excimer laser system. The Dabra system is designed to destroy arteriosclerotic blockages through the use of radiation ablation. The system won FDA 510(k) clearance in May 2017 for the treatment of occlusive peripheral vascular disease after the artherectomy catheter system received CE Mark approval in October 2016.
