IceCure Medical Regains Full Nasdaq Compliance with Nasdaq Minimum Closing Bid Price Rule

Rhea-AI Summary

IceCure Medical (NASDAQ: ICCM), a developer of minimally-invasive cryoablation technology for tumor treatment, has announced its return to full compliance with Nasdaq's listing requirements. The company received confirmation from Nasdaq that it has successfully met the minimum bid price requirement under Rule 5550(a)(2), having maintained a closing bid price of $1.00 or higher for at least 10 consecutive business days.

This development resolves the previous bid price deficiency matter, and IceCure will continue to be listed and traded on The Nasdaq Capital Market, now being in full compliance with all Nasdaq continued listing requirements.

Positive

• Regained full Nasdaq compliance, eliminating risk of delisting
• Maintained minimum $1.00 share price for required period
• Continues trading on Nasdaq Capital Market without restrictions

Negative

• Previous trading below $1.00 threshold indicates recent share price weakness

CAESAREA, Israel, Jan. 6, 2025 /PRNewswire/ -- IceCure Medical Ltd. (NASDAQ: ICCM) ("IceCure", "IceCure Medical" or the "Company"), developer of minimally-invasive cryoablation technology that destroys tumors by freezing as an alternative to surgical tumor removal, today announced it has received a notification letter from Nasdaq Stock Market LLC ("Nasdaq") confirming that it has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Rule").

The Nasdaq staff made this determination of compliance with the Rule after the Company's ordinary shares was at a minimum closing bid price of $1.00 or more for at least 10 consecutive business days prior to the date of the notice. Accordingly, the Company has regained compliance with the Rule and Nasdaq considers the prior bid price deficiency matter now closed.

IceCure is now in full compliance with all Nasdaq continued listing requirements and will continue to be listed and traded on The Nasdaq Capital Market.

About IceCure Medical

IceCure Medical (NASDAQ: ICCM) develops and markets advanced liquid-nitrogen-based cryoablation therapy systems for the treatment of tumors (benign and cancerous) by freezing, with the primary focus areas being breast, kidney, bone and lung cancer. Its minimally invasive technology is a safe and effective alternative to hospital surgical tumor removal that is easily performed in a relatively short procedure. The Company's flagship ProSense® system is marketed and sold worldwide for the indications cleared and approved to date including in the U.S., Europe and China.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, IceCure is using forward looking statements in this press release when it discusses the continued listing or meeting of the continued listing requirements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among others: the Company's planned level of revenues and capital expenditures; the Company's available cash and its ability to obtain additional funding; the Company's ability to market and sell its products; legal and regulatory developments in the United States and other countries; the Company's ability to maintain its relationships with suppliers, distributors and other partners; the Company's ability to maintain or protect the validity of its patents and other intellectual property; the Company's ability to expose and educate medical professionals about its products; political, economic and military instability in the Middle East, specifically in Israel; as well as those factors set forth in the Risk Factors section of the Company's Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on April 3, 2024, and other documents filed with or furnished to the SEC which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

IR Contact:
Email: investors@icecure-medical.com
Michael Polyviou
Phone: 732-232-6914
Todd Kehrli
Phone: 310-625-4462

Logo: https://mma.prnewswire.com/media/2319310/IceCure_Medical_Logo.jpg

 

View original content:https://www.prnewswire.com/news-releases/icecure-medical-regains-full-nasdaq-compliance-with-nasdaq-minimum-closing-bid-price-rule-302342739.html

SOURCE IceCure Medical

FAQ

What requirements did ICCM meet to regain Nasdaq compliance?

ICCM maintained a minimum closing bid price of $1.00 or higher for at least 10 consecutive business days, meeting Nasdaq Listing Rule 5550(a)(2) requirements.

How long did ICCM need to maintain the $1.00 minimum bid price?

ICCM needed to maintain a minimum closing bid price of $1.00 or higher for at least 10 consecutive business days to regain compliance.

What does regaining Nasdaq compliance mean for ICCM's listing status?

ICCM will continue to be listed and traded on The Nasdaq Capital Market, having resolved the bid price deficiency matter and achieving full compliance with all Nasdaq continued listing requirements.

What was the specific Nasdaq rule ICCM had to comply with?

ICCM had to comply with Nasdaq Listing Rule 5550(a)(2), which requires maintaining a minimum bid price of $1.00 per share.