Street Calls of the Week
EnVVeno Medical Corp (NASDAQ:NVNO) announced it has received a notice from The Nasdaq Stock Market LLC regarding non-compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company, currently trading at $0.92 and down nearly 70% year-to-date according to InvestingPro data, disclosed the information in a press release statement based on a recent SEC filing.
According to the notice received on Tuesday, the closing bid price for EnVVeno Medical’s common stock was below $1.00 per share for 30 consecutive business days, which is below the minimum threshold set by Nasdaq Listing Rule 5550(a)(2).
The notification does not result in the immediate delisting of EnVVeno Medical’s common stock. Under Nasdaq Listing Rule 5810(c)(3)(A), the company has 180 calendar days, until April 6, 2026, to regain compliance. To meet the requirement, the company’s common stock must close at or above $1.00 per share for at least 10 consecutive trading days before the deadline. Nasdaq may extend this period beyond 10 days at its discretion.
If EnVVeno Medical does not regain compliance by April 6, 2026, the company may qualify for an additional 180-day compliance period. To be eligible, it must meet the continued listing requirements for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except the bid price requirement. The company would also need to notify Nasdaq of its intention to cure the deficiency, which could include a reverse stock split.
Should Nasdaq determine that EnVVeno Medical is not eligible for the additional compliance period, or if the deficiency is not cured, the company’s common stock would be subject to delisting. EnVVeno Medical would have the right to appeal any delisting determination, and its shares would remain listed during the appeal process.
The company’s common stock continues to trade on the Nasdaq Capital Market under the symbol NVNO. This report is based on a press release statement and information from the company’s recent SEC filing.
In other recent news, enVVeno Medical Corporation announced it will appeal the FDA’s decision to issue a not-approvable letter for its VenoValve device. The company plans to submit this appeal by the September 18 deadline in hopes of reversing the FDA’s stance on their Premarket Approval application. This decision comes after the FDA determined that the clinical improvement data for VenoValve was insufficient to establish a favorable benefit-risk profile. Despite this setback, enVVeno Medical released preliminary findings from a health economic study showing that VenoValve could be a cost-effective treatment for severe Chronic Venous Insufficiency. The study highlighted potential cost savings of $32,442 per patient over five years and other clinical benefits. These developments are crucial as the company seeks to address the FDA’s concerns. Investors and stakeholders are closely watching these proceedings, especially considering the significant implications for the company’s future.
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