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Helius Medical (TASE:BLWV) Technologies, Inc. (NASDAQ:HSDT) announced Monday that it has met the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. The company reported that, as of June 17, its unaudited interim consolidated balance sheet reflects stockholders’ equity of at least $2.5 million.
The update follows a notice received by Helius Medical Technologies on March 31, stating that the company was not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires a minimum of $2.5 million in stockholders’ equity. The notice was based on figures from the company’s annual report for the year ended December 31, 2024. After a hearing process, Nasdaq granted Helius an extension until June 30 to regain compliance.
On June 6, Helius completed a public offering, raising approximately $8.1 million in net proceeds. While the company maintains more cash than debt on its balance sheet, InvestingPro data indicates it has been quickly burning through cash, with negative free cash flow of $11.6 million in the last twelve months. The company stated that the proceeds from this offering were included in the interim balance sheet used to demonstrate compliance.
Helius Medical Technologies has submitted the updated financial information to Nasdaq and indicated it is awaiting formal confirmation from the exchange regarding its compliance with all applicable continued listing criteria.
This information is based on a press release statement included in the company’s recent filing with the Securities and Exchange Commission.
In other recent news, Helius Medical Technologies has announced several significant developments. CignaHealth has authorized a claim for the company's Portable Neuromodulation Stimulator (PoNS) device at an out-of-network price of $19,161, marking it as the fifth major healthcare payer to approve coverage for the device. Similarly, Aetna Healthcare has authorized a claim at a negotiated price of $18,350, making it the third major provider to offer reimbursement. United Healthcare has also approved reimbursement for the PoNS device at an out-of-network price of $18,100, further expanding patient access.
In addition, Helius Medical Technologies has regained compliance with Nasdaq's minimum bid price requirement, although it must still meet other listing standards by June 2025. The company has also announced a 1-for-15 reverse stock split of its Class A common stock, effective May 1, 2025, to maintain compliance with Nasdaq's listing requirements. This strategic action will consolidate shares while keeping the authorized number unchanged. These developments reflect Helius's ongoing efforts to secure broader commercial payor coverage and maintain its Nasdaq listing.
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