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HANGZHOU, China - WORK Medical Technology Group LTD (NASDAQ:WOK), a medical device supplier trading at $0.37 per share, has been notified by Nasdaq that it does not currently meet the minimum bid price requirement for continued listing on the exchange. The stock has experienced a dramatic 92% decline over the past six months, according to InvestingPro data. The Nasdaq notification, dated April 7, 2025, indicated that the company’s Class A ordinary shares had fallen below the required minimum bid price of $1.00 per share for 30 consecutive business days, from February 24, 2025, to April 4, 2025.
Despite the notice, WORK Medical’s listing on the Nasdaq Capital Market remains active for now. The company has been given a 180-day period, until October 6, 2025, to regain compliance. InvestingPro analysis reveals concerning fundamentals, with the company’s overall Financial Health Score rated as WEAK and negative EBITDA of $2.65 million in the last twelve months. Compliance would require its shares to maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. If WORK Medical fails to meet this criterion by the deadline, it may be granted additional time or face the possibility of delisting.
The company’s business operations are reportedly unaffected by this development. To address the issue, WORK Medical plans to monitor its share price closely and may consider measures such as a reverse share split of its outstanding ordinary shares to meet Nasdaq’s requirements. Financial metrics indicate the company is quickly burning through cash, with negative free cash flow of $11.45 million and declining revenues (-15.2% year-over-year). Investors seeking deeper insights into WORK Medical’s financial health and growth prospects can access 15 additional ProTips and comprehensive financial metrics through InvestingPro.
WORK Medical, through its subsidiary Work (Hangzhou) Medical Treatment Equipment Co., Ltd. and other subsidiaries in China, manufactures Class I and II medical devices and sells disposable medical devices. The company operates with a modest gross profit margin of 25% and currently maintains a market capitalization of $5.69 million. The company boasts a portfolio of 21 products, including masks and other medical consumables, which are distributed across 34 provincial-level regions in China and over 30 countries globally. It has also registered 17 products with the U.S. Food and Drug Administration, allowing entry into the U.S. market.
This news is based on a press release statement from WORK Medical Technology Group LTD.
In other recent news, WORK Medical Technology Group LTD has announced its upcoming Annual General Meeting (AGM) of Shareholders. The meeting is part of the company’s compliance with corporate governance requirements, with materials filed with the United States Securities and Exchange Commission. This move ensures shareholders are informed and can vote on important corporate matters. Additionally, WORK Medical has entered into a strategic partnership with Shanghai Chartwell Medical Device Co., Ltd. The collaboration aims to enhance industrial synergy and drive growth in the healthcare sector through joint investments and co-investment in healthcare projects. CEO Wu Shuang expressed optimism about the partnership’s potential to diversify WORK Medical’s product portfolio and boost revenue and profit over the next three years. The partnership is expected to strengthen both companies’ competitiveness in the global healthcare industry.
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