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Nuwellis, Inc. (NASDAQ:NUWE), a micro-cap company currently trading at $14.33 with a market capitalization of $1.63 million, announced Wednesday that it has regained compliance with Nasdaq Capital Market listing standards following resolution of a minimum bid price deficiency. According to InvestingPro data, while the stock has shown strong returns over the last month, it remains significantly below its 52-week high of $178.50. According to a statement based on a recent SEC filing, the company received notification from the Nasdaq Office of General Counsel on Tuesday that the minimum bid price requirement had been met.
Previously, on June 18, Nuwellis was notified by Nasdaq that its common stock had closed below $1.00 per share for 30 consecutive trading days. Due to recent reverse stock splits, the company was not eligible for a standard compliance period under Nasdaq Listing Rule 5810(c)(3)(A). As a result, Nuwellis was informed that its securities were subject to delisting unless it requested a hearing before the Nasdaq Hearings Panel. The company requested a hearing, which had been scheduled for August 12. InvestingPro analysis shows the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.23, indicating strong short-term liquidity.
With the minimum bid price deficiency now cured, Nasdaq has determined that Nuwellis is in compliance with all applicable listing standards. The scheduled hearing has been cancelled, and the company’s common stock will continue to be listed on the Nasdaq Capital Market.
This information is based on a statement included in Nuwellis’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Nuwellis, Inc. announced the termination of its REVERSE-HF clinical trial, which was assessing ultrafiltration against IV loop diuretic therapy for fluid management in heart failure patients. The company cited a strategic shift to focus on areas with greater potential for patient impact and business growth, such as outpatient heart failure, pediatric, and critical care settings. Additionally, Nuwellis has been granted a U.S. patent for its fluid management technology, enhancing the accuracy of fluid balance calculations in continuous renal replacement therapy systems. This patent, titled "Extracorporeal Blood Filtering Machine and Methods," addresses errors in fluid balance measurements by considering varying fluid densities. Furthermore, Nuwellis has regained compliance with Nasdaq’s minimum bid price requirement, avoiding a scheduled delisting hearing. The company received formal notification from Nasdaq confirming the resolution of its bid price deficiency. These developments reflect Nuwellis’s ongoing efforts to advance its technological capabilities and strategic focus.
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