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LogicMark, Inc. (NASDAQ:LGMK), a medical device company based in Louisville, KY, with a market capitalization of $6.45 million and current stock price of $0.01, announced on Thursday that it received a notice from the Nasdaq Hearings Panel indicating that the company’s common stock will be delisted from the Nasdaq Capital Market. According to InvestingPro data, the stock has declined 99.94% over the past year. This decision is due to LogicMark’s non-compliance with the minimum bid price requirement of $1.00 per share, as outlined in Nasdaq Listing Rule 5550(a)(2).
The delisting is set to take effect at the opening of trading on June 2, 2025, as the company’s stock failed to meet the required minimum bid price. LogicMark has chosen not to appeal the Panel’s decision. Following the suspension of trading on Nasdaq, the company intends to have its common stock quoted on the OTC Markets Group Inc. under the current ticker symbol "LGMK" starting on June 2, 2025. While the company maintains a strong current ratio of 7.56 and holds more cash than debt, InvestingPro analysis indicates rapid cash burn and negative EBITDA of -$7.35 million in the last twelve months.
The Nasdaq Panel made no findings of public interest concerns or non-compliance with respect to LogicMark’s February 2025 offering. The company plans to file a Form 25 with the U.S. Securities and Exchange Commission, which will formalize the removal of the common stock from Nasdaq listing.
This news is based on a press release statement and contains forward-looking statements regarding the company’s intentions and expectations about future events, including the anticipated quotation of the common stock on the OTC. LogicMark has stated that it will not update any forward-looking statements in the future except as required by law.
In other recent news, LogicMark, Inc. announced several significant developments that may interest investors. The company reported changes to its corporate structure by increasing its authorized capital stock from 110 million to 880 million shares, including an increase in common stock to 800 million shares and an allocation of 80 million shares to "blank check" preferred stock. This decision, ratified during a special stockholders meeting, provides LogicMark with greater flexibility for future corporate activities. Furthermore, the company is facing a potential delisting from Nasdaq due to its stock failing to meet the minimum bid price requirement, with plans to appeal the decision before a Nasdaq hearings panel.
Additionally, LogicMark has made noteworthy adjustments to its leadership and governance structure. The Board of Directors underwent a reshuffling, with Carine Schneider appointed as Board Chair, reflecting the company’s strategic focus on technology and the care economy. In another development, the company extended the employment agreement of its CEO, Chia-Lin Simmons, until August 31, 2026, signaling confidence in her leadership. These changes are complemented by LogicMark’s ongoing efforts to transform into a technology-driven platform, leveraging AI and machine learning.
These recent developments collectively highlight LogicMark’s strategic initiatives to enhance its operational framework and address market challenges.
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