HORSHAM, PA — STRATA Skin Sciences, Inc. (NASDAQ: SSKN), a leading medical technology company, announced this week that it has been granted a six-month extension by the Nasdaq Stock Market LLC to regain compliance with the exchange’s minimum bid price rule. The extension, which lasts until June 24, 2024, gives the company additional time to meet the requirement of maintaining a minimum closing bid price of at least $1.00 per share for 30 consecutive business days.
The Horsham-based company previously received a notice of noncompliance from Nasdaq on June 26, 2023. Since then, STRATA Skin Sciences has been working diligently to meet all the requirements necessary to maintain its listing on the Nasdaq Global Select Market.
Nasdaq’s decision to grant the extension was based on STRATA Skin Sciences meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the bid price requirement. The company has expressed its intention to cure the deficiency during the second compliance period and if necessary, by effecting a reverse stock split.
If the closing bid price of STRATA Skin Sciences’ ordinary shares reaches $1.00 per share for a minimum of 10 consecutive business days before June 24, 2024, the company will regain compliance with the Nasdaq rule, effectively resolving the matter.
Despite the ongoing compliance issue, this latest notification from Nasdaq has no immediate effect on the listing or trading of STRATA Skin Sciences’ common stock. Shares will continue to trade on the Nasdaq Capital Market under the symbol “SSKN.”
As the company continues to monitor the closing bid price for its common stock, it remains focused on assessing its options to ensure that it retains its listing on the Nasdaq Capital Market.
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