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Investing.com -- Movano Health (NASDAQ:MOVE) stock surged 86% in premarket trade Friday after the company announced that Nasdaq has granted its request to continue listing on the exchange, subject to meeting specific compliance requirements.
The medical technology company received a letter on August 27 from the Nasdaq Hearings Panel, providing an extension to file its delayed quarterly reports and address its minimum bid price requirement. According to the Panel’s determination, Movano must file its Quarterly Reports for the first and second quarters of 2025 by September 30, and demonstrate compliance with the $1.00 per share minimum bid price rule by October 30.
The Panel’s decision followed a hearing on August 19, where Movano presented its compliance plan. The company stated it is working with its new auditor to complete and file the required quarterly reports within the extension period.
In preparation for addressing the bid price requirement, Movano filed a Preliminary Proxy Statement on August 19 for its Annual Shareholders Meeting scheduled for September 26. At this meeting, shareholders will vote on a reverse stock split proposal designed to help the company meet the minimum $1.00 bid price requirement.
Movano Health develops wearable health monitoring devices that provide medical-grade data to users and healthcare providers.
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