CAESAREA, Israel - IceCure Medical Ltd. (NASDAQ:ICCM), a company specializing in cryoablation technology for tumor treatment, has been notified by Nasdaq that it does not currently meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The rule in question necessitates that listed securities maintain a minimum bid price of $1.00 per share.
The notification, which has no immediate impact on the trading of IceCure's ordinary shares, sets a 180-day period, ending on January 14, 2025, for the company to regain compliance. To achieve this, the company's shares must close at $1.00 or higher for at least ten consecutive business days during this period. If IceCure meets this criterion, the issue will be considered resolved.
Should the company fail to meet the minimum bid price within the initial 180 days, it may be eligible for an additional 180-day period to regain compliance, provided it meets all other initial listing standards except for the bid price requirement. If IceCure fails to comply within the given time frames, it risks delisting from the Nasdaq Capital Market.
IceCure is focused on monitoring its share price and maintaining its Nasdaq listing. The company has indicated that it will explore available options to address the bid price deficiency within the compliance period.
The company's proprietary ProSense® system, which is sold globally, offers a minimally invasive alternative to surgical tumor removal in various cancer types, including breast, kidney, bone, and lung cancer.
This news is based on a press release statement from IceCure Medical Ltd. and does not include any form of endorsement or opinion on the company's performance or future prospects.
In other recent news, IceCure Medical has been making significant strides in the medical field with notable developments. The U.S. Food and Drug Administration (FDA) is set to convene a panel review for IceCure's ProSense® System, a minimally invasive technology designed for the treatment of early-stage breast cancer.
The panel, made up of independent experts, will evaluate the scientific and technical merits of ProSense®. The panel review, which is expected to take place in the fourth quarter of 2024, will be based on the ICE3 study data that has shown promising results.
In financial developments, IceCure reported a 30% increase in product sales in the first quarter of 2024, reaching $743,000. Despite this increase, the company recorded a net loss of $3.6 million for the quarter. However, IceCure maintains a strong cash position with $11 million in reserves.
These are recent developments that investors should be aware of. It is important to note that the company's forward-looking statements are subject to various factors that could cause actual results to differ materially, including regulatory developments and market conditions.
InvestingPro Insights
As IceCure Medical Ltd. (NASDAQ:ICCM) faces the challenge of maintaining its Nasdaq listing due to the minimum bid price requirement, investors are closely monitoring the company's financial health and stock performance.
According to InvestingPro data, IceCure's market capitalization stands at a modest 35.95M USD, reflecting the size of the company within the healthcare sector. Despite a significant drop in stock price over recent months, with a 38.02% decline in the last three months, the company's revenue growth remains positive at 7.02% over the last twelve months as of Q1 2024. This growth is a crucial indicator of the company's ability to increase sales, which is a positive sign for potential investors.
One of the InvestingPro Tips for IceCure points out that the company holds more cash than debt on its balance sheet, which can provide some financial stability in uncertain times. Still, another tip highlights that IceCure is quickly burning through cash, which could be a concern for long-term sustainability. The company's stock price movements have been quite volatile, which may influence investor sentiment and affect the share price's recovery to meet the Nasdaq's requirement.
For investors seeking a comprehensive analysis of IceCure's financials and performance, InvestingPro offers additional tips that can help in making informed investment decisions. With a total of 11 InvestingPro Tips available for IceCure, investors can gain deeper insights into the company's prospects. To access these tips, consider subscribing to InvestingPro and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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