Spectral AI Comments on Compliance with Nasdaq Listing Rule 5550(b)(2)

Rhea-AI Summary

Spectral AI (NASDAQ: MDAI) announced it believes it has regained compliance with Nasdaq Listing Rule 5550(b)(2) by maintaining a market value of listed securities above $35 million for 10 consecutive business days. The company, which develops the DeepView® System (an AI-driven technology with FDA Breakthrough Device Designation for burn healing prediction), has notified Nasdaq and awaits official confirmation of compliance.

Positive

• Market value exceeded $35 million for 10 consecutive business days
• Expected regaining of Nasdaq listing compliance
• Previous FDA Breakthrough Device Designation status maintained

Negative

• Awaiting final confirmation from Nasdaq for compliance status
• Recent history of falling below minimum market value requirement

DALLAS, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Spectral AI (NASDAQ: MDAI) (“Spectral AI” or the “Company”), developer of the AI-driven DeepView^® System, which received Breakthrough Device Designation from the U.S. FDA in 2018, that uses multi-spectral imaging and algorithms to predict burn healing potential, today announced today that the Company believes it has regained compliance with Nasdaq Listing Rule 5550(b)(2), which requires listed companies to maintain a minimum market value of listed securities of $35 million.

The market value of Spectral AI’s common stock has exceeded $35 million at the close of trading for the last 10 consecutive business days, as required by Nasdaq rules. The company has notified Nasdaq of its compliance and is awaiting confirmation from the exchange.

About Spectral AI

Spectral AI, Inc. is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers. The Company is working to revolutionize the management of wound care by “Seeing the Unknown^®” with its DeepView^® System. DeepView is a predictive device that offers clinicians an objective and immediate assessment of a wound’s healing potential prior to treatment or other medical intervention. With algorithm-driven results and a goal of exceeding the current standard of care in the future, DeepView is expected to provide faster and more accurate treatment insight towards value care by improving patient outcomes and reducing healthcare costs. For more information about DeepView, visit www.spectral-ai.com.

Forward-Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s intention to separate its Spectral IP subsidiary from the Company, and each Company’s strategy, plans, objectives, initiatives, strategic goals, financial outlook or other non-historical matters. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements.

Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s filings with the SEC, including the Registration Statement and the other documents filed by the Company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Spectral AI undertakes no obligation to update any forward-looking statements except as otherwise required by law.

For Media and Investor Relations, please contact:

David Kugelman
Atlanta Capital Partners LLC
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Email: dk@atlcp.com

FAQ

What is the minimum market value requirement for Spectral AI (MDAI) to maintain Nasdaq listing?

According to Nasdaq Listing Rule 5550(b)(2), Spectral AI must maintain a minimum market value of listed securities of $35 million.

How long did Spectral AI (MDAI) need to maintain $35M market value to regain compliance?

Spectral AI needed to maintain a market value above $35 million for 10 consecutive business days to regain compliance with Nasdaq listing requirements.

When did Spectral AI's DeepView System receive FDA Breakthrough Device Designation?

Spectral AI's DeepView System received FDA Breakthrough Device Designation in 2018.

What is the current status of Spectral AI's (MDAI) Nasdaq compliance in December 2024?

As of December 13, 2024, Spectral AI believes it has regained compliance with Nasdaq listing requirements and is awaiting official confirmation from the exchange.