Amedica Announces Receipt of Nasdaq Notice of Bid Price Deficiency
August 19 2016 - 04:40PM
Marketwired
Amedica Announces Receipt of Nasdaq Notice of Bid Price
Deficiency
SALT LAKE CITY, UT-(Marketwired - Aug 19, 2016) - Amedica
Corporation (NASDAQ: AMDA), a company that develops and
commercializes silicon nitride ceramics as a biomaterial platform,
announced today that on August 17, 2016, the Company received a
letter from the Nasdaq Listings Qualifications department of the
Nasdaq Capital Market ("Nasdaq") notifying the Company that the
minimum bid price per share for its common stock was below $1.00
for a period of thirty (30) consecutive business days and that the
Company did not meet the minimum bid price requirement set forth in
Nasdaq Listing Rule 5550(a)(2).
The Nasdaq notification letter does not result in the immediate
delisting of the Company's common stock, and the stock will
continue to trade uninterrupted under the symbol "AMDA." Amedica
management intends to resolve the situation to allow for continued
listing on the Nasdaq Capital Market.
The Company has a compliance period of 180 calendar days, or
until February 13, 2017, to regain compliance with Nasdaq's minimum
bid price requirement. If at any time during the 180-day compliance
period, the closing bid price per share of the Company's common
stock is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed. In the event the Company
does not regain compliance with Rule 5550(a)(2) within this
compliance period, it may be eligible for additional time to regain
compliance. To qualify for the additional time, the Company will be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards,
with the exception of the minimum bid price requirement, and will
need to provide written notice of its intention to cure the
deficiency during the second compliance period by effecting a
reverse stock split, if necessary. If the Nasdaq staff concludes
that the Company will not be able to cure the deficiency, or if the
Company determines not to submit the required materials or make the
required representations, the Company's common stock will be
subject to delisting by Nasdaq.
About Amedica CorporationAmedica is focused on the development
and application of interbody implants manufactured with
medical-grade silicon nitride ceramic. Amedica markets spinal
fusion products and is developing a new generation of wear- and
corrosion-resistant implant components for hip and knee
arthroplasty as well as dental applications. The Company's products
are manufactured in its ISO 13485 certified manufacturing facility
and through its partnership with Kyocera, one of the world's
largest ceramic manufacturers. Amedica's FDA-cleared and CE-marked
spine products are currently marketed in the U.S. and select
markets in Europe and South America through its distributor network
and its growing OEM and private label partnerships.
For more information on Amedica or its silicon nitride material
platform, please visit www.amedica.com.
Forward-Looking StatementsThis press release contains statements
that constitute forward-looking statements within the meaning of
the Securities Act of 1933 and the Securities Exchange Act of 1934,
as amended by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained in this press release include,
but are not limited to, the Company's expectation that it will
regain compliance with Nasdaq listing requirements or will be
eligible for additional time to regain such compliance. Factors
that could cause actual results to differ materially from those
contemplated within this press release can be found in Amedica's
Risk Factors disclosure in its Annual Report on Form 10-K, filed
with the Securities and Exchange Commission (SEC) on March 23,
2016, and in Amedica's other filings with the SEC. Amedica
disclaims any obligation to update any forward-looking
statements.
Contacts:Mike HoustonVP,
Commercialization801-839-3534IR@amedica.com
Amedisys (NASDAQ:AMED)
Historical Stock Chart
From Feb 2024 to Mar 2024
Amedisys (NASDAQ:AMED)
Historical Stock Chart
From Mar 2023 to Mar 2024