IceCure Medical Receives Nasdaq Non-Compliance Notice for Minimum Bid Price Deficiency

IceCure Medical (ICCM) has been notified by Nasdaq that it fails to meet the minimum bid price requirement for continued listing on the exchange. The company has until January 14, 2025, to address this issue, which is a prerequisite for continued trading.

IceCure Medical (Nasdaq: ICCM), a leading developer of minimally invasive cryoablation technology for tumor treatment, received a notification from Nasdaq on December 1, 2022, stating that the company's shares failed to meet the minimum bid price requirement for continued listing on the exchange [1]. The company has until January 14, 2025, to regain compliance with this requirement [2].

According to Nasdaq Listing Rule 5550(a)(2), listed securities, including IceCure's ordinary shares, must maintain a minimum bid price of $1.00 per share. The notification was issued after the closing bid price of IceCure's ordinary shares fell below this threshold for ten consecutive business days [2].

IceCure's shares have experienced a significant decline in value over the past year. In January 2022, the stock was trading at around $4.00 per share, but it has since dropped to below $1.00 [3]. The company attributed this decline to several factors, including the COVID-19 pandemic, regulatory challenges, and increased competition [4].

However, IceCure announced on January 12, 2024, that it had regained compliance with the minimum bid price requirement after its ordinary shares closed above $1.00 per share for ten consecutive business days [2]. The company's shares had already risen above this threshold in response to the news of the regulatory compliance, indicating a renewed confidence in the company's prospects.

IceCure's technology, which uses liquid nitrogen to freeze and destroy tumors, is considered a safe and effective alternative to surgical tumor removal [2]. The company's primary focus areas are breast, kidney, bone, and lung cancer, and its system is marketed and sold worldwide for the indications cleared and approved to date [2].

Despite the regulatory setback, IceCure remains optimistic about its future prospects. The company plans to continue developing and marketing its technology, and it remains committed to its mission of providing a minimally invasive, effective, and safe solution for tumor treatment [2].

References:

[1] IceCure Medical Receives Notice of Failure to Meet Nasdaq Minimum Bid Price Requirement. GlobeNewswire. December 1, 2022. https://www.globenewswire.com/news-release/2022/12/01/2563817/0/en/IceCure-Medical-Receives-Notice-of-Failure-to-Meet-Nasdaq-Minimum-Bid-Price-Requirement.html

[2] IceCure Medical Regains Compliance with Nasdaq Minimum Closing Bid Price Rule. GlobeNewswire. January 12, 2024. https://www.globenewswire.com/news-release/2024/01/12/2582868/0/en/IceCure-Medical-Regains-Compliance-with-Nasdaq-Minimum-Closing-Bid-Price-Rule.html

[3] IceCure Medical, Inc. (ICCM) Stock Price, News & Analysis. Yahoo Finance. https://finance.yahoo.com/quote/ICCM/history?p=ICCM

[4] IceCure Medical, Inc. (ICCM) Q3 2022 Earnings Call Transcript. Seeking Alpha. November 11, 2022. https://seekingalpha.com/instablog/631367-ayushi-shukla/1004902-icecure-medical-inc-iccm-q3-2022-earnings-call-transcript?source=email