LumiraDx Limited, a prominent player in the healthcare technology sector, received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC on October 24, 2023. The notice conveyed that on April 21, 2023, the Staff had apprised LumiraDx Limited of its failure to maintain a bid price of $US1.00 or higher per share for its listed securities, a violation of Listing Rule 5450(a)(1). This condition persisted for 30 consecutive business days, necessitating corrective action.
As per Listing Rule 5810(c)(3)(A), LumiraDx Limited was granted 180 calendar days, until October 18, 2023, to rectify the Minimum Bid Price Requirement non-compliance. Regrettably, the company has not been able to meet this stipulation, putting its securities at risk of delisting from The Nasdaq Global Market.
In the wake of the press release issued last Friday, LumiraDx Limited’s stock witnessed a significant decline today, underscoring the market’s response to this development.
At the time of this publication, LumiraDx Ltd stock (LMDX) has witnessed a decline.
LumiraDx Ltd
Current Price: $0.09
Change : -0.03
Change (%): (-23.08%)
Volume: 12.0M
Source: Tomorrow Events Market Data
The notice also delineated that unless LumiraDx Limited exercises its right to appeal the impending delisting, a move it has expressed intent to pursue, trading of the Company’s securities will be halted at the commencement of business on November 2, 2023. Subsequently, a Form 25-NSE will be submitted to the U.S. Securities and Exchange Commission, effecting the removal of the Company’s securities from both listing and registration on Nasdaq.
LumiraDx Limited has been apprised of the option to contest Nasdaq’s determination through the established procedures outlined in the Nasdaq Listing Rule 5800 Series. Initiating a hearing request will halt the suspension of the company’s securities and the filing of the Form 25-NSE, pending the panel’s verdict. LumiraDx Limited has communicated its intention to request a hearing, seeking to challenge the impending delisting determination. Concurrently, the company is actively formulating a comprehensive plan aimed at demonstrating its commitment to complying with the Listing Rules.
The unfolding situation will be closely monitored by stakeholders and industry experts, as LumiraDx Limited navigates this critical juncture in its market trajectory
