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LogicMark, Inc., a medical device company with a market capitalization of just $0.26 million, has been notified by Nasdaq that its stock is subject to delisting due to a failure to meet the minimum bid price requirement. The Louisville, Kentucky-based company, trading under the ticker (NASDAQ:LGMK), received the notice on Thursday, March 20, 2025, after its common stock closed below the $1.00 threshold for 30 consecutive business days. According to InvestingPro data, the stock is currently trading at $0.13, significantly below its 52-week high of $27.25.
Nasdaq’s Listing Rule 5550(a)(2) necessitates that a company’s stock maintain a minimum bid price of $1.00 per share. LogicMark is ineligible for the usual 180-day grace period to regain compliance due to a recent rule change and the company’s history of reverse stock splits. The rule change affects companies that have implemented a reverse stock split within the past year or multiple splits with a cumulative ratio of 250-to-1 over two years. InvestingPro analysis shows the stock has declined by 99.45% over the past year, with particularly steep drops in recent months.
The company has announced its intention to appeal the decision before a Nasdaq hearings panel. The hearing date has not been set, but the company must file its appeal by March 27, 2025. Until the conclusion of the hearing process and a decision by the panel, LogicMark’s stock will continue to trade on the Nasdaq Capital Market.
LogicMark is actively working on a plan to regain compliance with the Nasdaq listing standards. However, there is no guarantee that the plan will be successful or that the appeal will result in a favorable outcome for the company. While InvestingPro data shows the company maintains a healthy current ratio of 3.73 and holds more cash than debt, it reported significant losses of $15.54 million in the last twelve months. LogicMark has cautioned that forward-looking statements related to future compliance and appeal outcomes are uncertain and involve risks beyond the company’s control.
This report is based on a press release statement and details the company’s current situation without speculating on potential outcomes or broader industry impacts.
In other recent news, LogicMark, Inc. announced the launch of its upgraded Guardian Alert 911 Plus, a medical alert device that integrates 4G LTE connectivity and advanced fall detection capabilities without a monthly subscription fee. The device aims to enhance safety for seniors and those with medical conditions, automatically contacting emergency services if a fall is detected. Additionally, LogicMark has expanded access to its medical alert devices through the Medicaid Waiver Program in six states, including Colorado and Oregon. This expansion allows eligible individuals to receive reimbursement, reducing the financial burden for seniors seeking essential safety devices. The company also introduced the Freedom Alert Max, featuring medication reminders, geofencing, and fall detection, designed for on-the-go use with round-the-clock monitoring. LogicMark’s Medicaid integration aims to provide affordable access to technology that aids seniors in maintaining independent living. These initiatives align with LogicMark’s mission to support individuals in leading dignified, independent lives through innovative safety technologies.
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