Cardio Diagnostics Holdings, Inc. (CDIO) has been given a period of 180 days to regain compliance with Nasdaq's minimum bid price and minimum closing price requirements. The company was initially notified by Nasdaq on September 21, 2023, that it was not in compliance with the minimum bid price requirement because its common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days1. To regain compliance, CDIO was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days.
The Notification Letter dated December 5, 2023, informed the company that because the closing bid price of CDIO’s common stock was at $1.00 per share or greater for the last 10 consecutive business days, from November 20, 2023, to December 4, 2023, Nasdaq determined that the Company has regained compliance with Nasdaq’s Minimum Bid Requirement, and that Nasdaq considered the matter closed12.
However, it's important to note that CDIO has another compliance period until December 2, 2024, as indicated in the Nasdaq Listing Rule 5810(c)(3)(A), which gives the company 180 calendar days to regain compliance34. This later date is the one that should be monitored closely, as it is the ultimate deadline for CDIO to avoid delisting.
11/6/2024 07:43pm
