TORONTO - Greenbrook TMS Inc. (NASDAQ: GBNH), a provider of Transcranial Magnetic Stimulation (TMS) therapy for depression, is set to be delisted from the Nasdaq Stock Market on Monday, following its failure to meet the exchange's minimum bid price and stockholder equity requirements. The company received the final notice of delisting from Nasdaq's Listing Qualifications Department, with trading of its common shares expected to be suspended at the opening of the market on February 26, 2024.
The decision not to appeal the delisting was made after careful consideration by Greenbrook, deeming it in the best interests of the company. Post-delisting, Greenbrook plans to have its common shares quoted on the OTC Markets as soon as possible.
Nasdaq will file a Form 25-NSE with the U.S. Securities and Exchange Commission (SEC), which will officially remove Greenbrook's common shares from Nasdaq listing and registration under Section 12(b) of the U.S. Securities Exchange Act of 1934.
Greenbrook operates through 130 company-operated treatment centers across the United States, offering FDA-cleared, non-invasive therapies for Major Depressive Disorder (MDD) and other mental health disorders. The company has provided over 1.3 million treatments to more than 40,000 patients.
This news article is based on a press release statement from Greenbrook TMS Inc.
InvestingPro Insights
As Greenbrook TMS Inc. (NASDAQ: GBNH) faces delisting from the Nasdaq Stock Market, investors are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Greenbrook's market capitalization stands at a modest 8.73 million USD, reflecting the market's current valuation of the company.
One of the key metrics for investors is the company's revenue growth, which for the last twelve months as of Q3 2023, was reported at 24.63%. This growth, however, is juxtaposed with a quarterly revenue decline of 13.09% in Q3 2023, indicating potential challenges in maintaining a consistent revenue trajectory.
InvestingPro Tips for Greenbrook highlight several concerns for investors. The company is operating with a significant debt burden and is quickly burning through cash, which are critical factors considering that short term obligations exceed liquid assets. Analysts do not anticipate the company will be profitable this year, and the stock has experienced substantial price volatility, with a significant return over the last week but poor performance over the last month.
For those considering a deeper dive into Greenbrook's financials and future prospects, InvestingPro offers additional tips and metrics. There are 11 additional InvestingPro Tips available that could provide further insights into Greenbrook's operational and financial status. Investors interested in these comprehensive analyses can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
While the company's future on the OTC Markets remains to be seen, these InvestingPro Insights offer a glimpse into the challenges and considerations that may influence Greenbrook's path forward.
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