The Sylmar, Calif.-based developer and manufacturer of implantable visual prosthetics for blind individuals received the letter confirming that its common stock had closed below the $1 per share minimum required for continued listing for 30 consecutive business days, according to a news release.
Second Sight said the notice has no effect on its current common stock listing, as it continues to trade under the EYES ticker. If, over the course of 180 calendar days after the notice, the closing price of the company’s common stock is at or above $1 for a minimum of 10 consecutive business days, it will regain compliance.
However, failure to regain compliance will result in the stock being subject to delisting, although there may be eligibility granted for additional time if the company provides written notice of its intention to cure the deficiency for a second compliance period.
The company said it intends to monitor the closing price of its stock and may consider implementing available options to regain compliance.
In March, Second Sight said that it was winding down its operations amid the financial shock of the COVID-19 pandemic. In April, Second Sight said it took steps to reduce overhead and conserve liquidity ahead of potential partnering, acquiring, or combining with businesses, just days before pricing a $6.8 million offering of its common stock, which closed in May.
The company then put its assets up for auction, offering medical device manufacturing equipment, laboratory assets and office furniture. Items available included laser systems, oscilloscopes, spectrum analyzers, scientific microscopes, laboratory refrigerators and freezers, ultrasonic cleaners, vacuum pumps, probe systems, computers, office equipment and more.