12/02/2024 | Press release | Distributed by Public on 12/02/2024 15:06
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 25, 2024, ReShape Lifesciences Inc. (the "Company") received a written notice (the "Notice") from the Listing Qualifications department (the "Nasdaq Staff") of the Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on the Nasdaq Capital Market to maintain a minimum of $2.5 million in stockholders' equity for continued listing. As of September 30, 2024, the Company's stockholders' equity was $1,487,000. Under the Nasdaq Listing Rules the Company has 45 calendar days to submit a plan to regain compliance. If the Company's plan is accepted, the Nasdaq Staff can grant an extension of up to 180 calendar days from the date of the Notice to evidence compliance. The Company intends to actively monitor its performance with respect to the listing standards and will consider available options to resolve the deficiency and regain compliance with the Nasdaq rules.