CAESAREA, Israel, November 3, 2023 /PRNewswire/ — IceCure Medical Ltd. ICCM) (“IceCure” or the “Company”), developer of the ProSense® System, a minimally invasive cryoablation technology that destroys tumors by freezing as an alternative to surgical tumor removal, today announced that it has received notice written notice (the “Notice”) from Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company has failed to meet the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)( 2), which requires listed securities to maintain a minimum offering price of $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted 180 calendar days to return to compliance with the minimum bid price requirement. The notice has no immediate effect on the Company’s listing on Nasdaq or the trading of its common stock and during the grace period, which may be extended, the Company’s common stock will continue to be traded on the Nasdaq Capital Market under the symbol “ICCM”.
According to the notice, the company has until April 29, 2024 to restore compliance with the minimum bid price requirement. The Company may return to compliance if, at any time during such 180 day period, the closing bid price of its common stock is at least $1.00 for a minimum of ten consecutive business days, in which case the Company will receive written confirmation of compliance and this matter will be closed.
In the event that the Company does not regain compliance after the initial 180 day period, the Company may then be eligible for an additional 180 day compliance period if it meets the continued listing requirements for the market value of the shares held in the public and all other initial requirements. listing standards for the Nasdaq Capital Market, except for the minimum bid price requirement. In this case, the Company must provide written notice of its intention to remedy the deficiency during the second compliance period. If the Company cannot demonstrate compliance within the specified compliance period(s), Nasdaq staff will notify the Company that its common stock is subject to delisting.
The Company intends to monitor the closing bid price of its common stock and maintaining its listing on Nasdaq is a priority for the Company. If the situation does not resolve within the time frame mentioned above, the Company intends to examine available options to remedy the deficiency and restore compliance with the minimum offering price requirement during the compliance period.
About IceCure Medical Ltd.
IceCure Medical Ltd. ICCM) develops and commercializes ProSense®, an advanced cryoablation therapy based on liquid nitrogen for the treatment of tumors (benign and cancerous) by freezing, with the main areas of intervention being breast, kidney, bone and bone cancer. lung. Its minimally invasive technology provides a safe and effective alternative to surgical removal of tumors in a hospital setting, which is easily accomplished in a relatively short procedure. The system is marketed and sold worldwide for the indications authorized and approved to date, notably in the United States, EuropeAnd China.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be hedged through the “safe”. port” created by these sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe”, “expect” , “may”, “should”, “could”, “seek”, “intend”, “plan”, “objective”, “estimate”, “anticipate” or other comparable terms. For example, the Company uses forward-looking statements in this press release when discussing restoration of compliance with Nasdaq’s continued listing requirements, and the timing and effects thereof. All statements other than statements of historical fact included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among others: our anticipated level of revenues and capital expenditures; our available cash flow, our ability to obtain additional financing; our ability to market and sell our products; regulatory developments in United States and other countries; our plans to continue to invest in research and development to develop technologies for existing and new products; our ability to maintain our relationships with suppliers, manufacturers and other partners; our ability to maintain or protect the validity of our European, American and other patents and other intellectual property; our ability to develop and protect new inventions and intellectual property internally; our ability to retain key members of management; our ability to expose and educate physicians and other healthcare professionals about use cases for our products; our expectations regarding our tax classifications; interpretations of current laws and adoption of future laws; political, economic and military instability in the Middle East and specifically in Israel may hamper our ability to operate and harm our financial results; and other risks and uncertainties described in our Annual Report on Form 20-F for the current fiscal year. December 31, 2022filed with the Securities and Exchange Commission (the “SEC”), the March 28, 2023, and our other filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
IR contact:
E-mail: (email protected)
Michel Polyviou
Phone: 732-232-6914
Todd Kehrli
Phone: 310-625-4462
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SOURCE IceCure Medical
