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SeaStar Medical (TASE:BLWV) Holding Corp (NASDAQ:ICU), currently trading at $1.88 and down over 90% in the past year, has been granted an extension to maintain its listing on The Nasdaq Stock Market, with a new deadline set for June 22, 2025, to comply with the Market Value of Listed Securities (MVLS) requirement. According to InvestingPro data, the company’s market capitalization stands at approximately $13.5 million. The Nasdaq Hearings Panel provided the conditional exception following the company’s submission of a compliance plan that includes ongoing fundraising efforts and strategies for long-term adherence to the MVLS Rule, which necessitates a market value of at least $35 million.
The Denver-based medical device company, specializing in surgical and medical instruments, must publicly disclose the transactions aimed at boosting equity and provide an update on its fundraising plans, along with projected income for the next year, as stipulated by the Panel. While InvestingPro analysis shows the company holds more cash than debt, its current ratio of 0.54 indicates potential short-term liquidity challenges. The required disclosures and updates are part of the conditions SeaStar Medical needs to fulfill to demonstrate its compliance with the MVLS Rule by the June deadline.
SeaStar Medical expressed confidence in meeting the Nasdaq’s conditions within the given timeframe, signaling a proactive approach to addressing the Panel’s requirements. This development is based on a press release statement and forms part of the company’s latest 8-K filing with the SEC. InvestingPro subscribers can access additional insights, including 8 more exclusive ProTips and detailed financial health metrics for SeaStar Medical.
In other recent news, SeaStar Medical Holding Corp has been actively addressing several significant developments. The company has received a public reprimand from Nasdaq for not complying with the listing rule requiring shareholder approval for certain share transactions. This reprimand came after SeaStar Medical issued additional shares beyond the approved amount due to amendments in a convertible notes and warrants agreement. The company has since taken corrective actions, including repurchasing remaining warrants and obtaining shareholder ratification of the original transaction. Additionally, SeaStar Medical secured approximately $6 million through a direct offering, with the proceeds intended for general corporate purposes. This transaction was facilitated by H.C. Wainwright & Co. as the exclusive financial advisor. Furthermore, SeaStar Medical faces a potential delisting from Nasdaq due to not meeting the minimum market value requirement, with a hearing request pending to appeal this decision. The outcome of this appeal could impact the company’s future on the exchange, as it seeks to regain compliance with Nasdaq’s standards.
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