BioSig Technologies, Inc. (NASDAQ:OTC:BSGM), a medical technology company, is facing delisting from the NASDAQ Capital Market due to its share price falling below the required minimum bid price of $1.00. The company was notified by NASDAQ on October 24, 2024, that it did not comply with the minimum bid price requirement based on its closing bid price from June 11, 2024, through October 23, 2024.
The company has been granted a 180-day compliance period to rectify the issue. During this time, if BioSig's stock maintains a closing bid price of at least $1.00 for a minimum of ten consecutive business days, NASDAQ will provide written confirmation that the company has regained compliance, and the delisting matter will be resolved.
In case BioSig does not achieve compliance within the allotted time frame, it may be eligible for an additional compliance period. To qualify, BioSig must meet all other initial listing standards for The NASDAQ Capital Market, except for the bid price requirement. The company may also consider a reverse stock split to address the bid price deficiency.
The news comes as a significant alert to investors and the company, headquartered in Los Angeles, California, with its shares traded under the ticker symbol BSGM. As part of the medical device sector, BioSig specializes in electromedical and electrotherapeutic apparatus, as indicated by its standard industrial classification.
As the company works to meet NASDAQ's requirements, it is important for stakeholders to monitor the stock's performance closely. This announcement, based on a press release statement, underscores the challenges public companies can face with stock market regulations and the importance of maintaining compliance to ensure continued access to capital markets.
InvestingPro Insights
BioSig Technologies' struggle with NASDAQ compliance is further illuminated by recent InvestingPro data. The company's market capitalization stands at a modest $15.62 million, reflecting its current challenges. InvestingPro Tips highlight that BSGM is "quickly burning through cash" and has "short term obligations exceed[ing] liquid assets," which could complicate its efforts to regain compliance.
The stock's recent performance has been volatile, with InvestingPro data showing a significant 42.7% return over the last week and a remarkable 181.21% return over the last month. However, this short-term rally should be viewed cautiously, as another InvestingPro Tip warns that the "RSI suggests the stock is in overbought territory."
Despite these recent gains, BSGM's share price remains only 17.54% of its 52-week high, underscoring the magnitude of the challenge it faces in reaching the $1.00 threshold. Investors should note that analysts anticipate a sales decline in the current year, and the company is not expected to be profitable, according to InvestingPro Tips.
For a more comprehensive analysis, InvestingPro offers 14 additional tips for BSGM, providing deeper insights into the company's financial health and market position as it navigates this critical period.
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