Biotricity Inc., a medical device company, is set to be delisted from the Nasdaq Capital Market following a notification of non-compliance with the market's minimum value requirement. The Nasdaq Hearings Panel has decided to delist the company's common stock due to failure to meet the minimum $35 million market value of listed securities, a key criterion for continued listing.
The delisting process commenced with the suspension of trading in Biotricity's shares at the opening of business on Monday. The company had been previously informed by Nasdaq Listing Qualifications Staff on August 4, 2023, of its non-compliance with the minimum market value requirement. Although Biotricity was initially given until January 29, 2024, to regain compliance, the deadline was extended to July 29, 2024, following an appeal.
Nasdaq will finalize the delisting by submitting a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission after the appeal period has concluded. In the meantime, Biotricity anticipates that its common stock will be traded on the OTC Pink Market under the ticker symbol "BTCY."
Biotricity has a 15-day window from the receipt of the delisting notice to request a review of the Panel's decision by the Nasdaq Listing and Hearing Review Council. Alternatively, the Council may independently choose to review the decision within 45 calendar days.
Despite the delisting, Biotricity has applied for its common stock to be quoted on the OTCQB, a trading platform for early-stage and developing U.S. and international companies. The company plans to maintain its SEC reporting obligations, continuing to submit required periodic reports and filings.
This development is based on information from a press release statement and reflects the latest regulatory challenges faced by Biotricity in the financial markets.
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