Tivic Health (Nasdaq:TIVC) announced today that it regained compliance with the minimum bid price requirement on the Nasdaq market.
Earlier this year, San Francisco-based Tivic filed an SEC Form 8-K pertaining to a notice of delisting from the Nasdaq market. The company received notice in January that its closing price fell below $1 for 30 consecutive trading days. It received a six-month grace period to regain compliance. Along with this announcement, the company at that time — late July — reduced its workforce. Tivic appealed that determination and received a scheduled appeal date of tomorrow, Sept. 21.
However, today, the company said it received notice from the Nasdaq market notifying it of its eligibility for continued listing. The company remains in compliance with all applicable listing standards. Consequently, it continues trading on the Nasdaq market under the TIVC ticker, according to a news release.
The bioelectronic medicine maker develops ClearUP, which holds FDA approval for over-the-counter treatment of symptoms of inflammation. That includes sinus pain and congestion. In 2021, the FDA expanded the indication for use of ClearUp to include congestion from allergies, the flu and the common cold.
Positive trial news follows last month’s letter from CEO Jennifer Ernst to investors updating them on the current situation at Tivic. Ernst’s letter stated that the company took several measures to fortify its position, including a workforce reduction and internal restructuring. The company did not disclose further details about the reduction or restructuring.
