Received Delisting Notice from Nasdaq Related to Minimum Bid Price Requirement and Late Filing of the Form 10-Q for the period ended March 31, 2025
Movano Health (Nasdaq: MOVE) (the “Company”) announced today that, on July 7, 2025, it received a delisting determination from The Nasdaq Capital Market with respect to the $1.00 per share bid price requirement (the “Bid Price Requirement”), as set forth in Listing Rule 5550(a)(2), and the late filing requirement, as set forth in Listing Rule 5250(c)(1), given the delay in filing its Form 10-Q for the quarter ended March 31, 2025 (the “Filing Requirement”)(together, the “Notice”). Accordingly, the Company plans to timely submit a request for a hearing before a Nasdaq Hearings Panel (the “Panel”). While the hearing request only stays suspension and delisting for 22 calendar days from the date of the Notice, the Company intends to request an extended stay, concurrent with the filing of the hearing request through the conclusion of the hearings process and the expiration of any exception period granted by the Panel following the hearing.
On July 7, 2025, the Company received the Notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that because the closing bid price for the Company’s common stock had fallen below $1.00 per share for 30 consecutive trading days, the Company was no longer in compliance with the Bid Price Requirement. Pursuant to Listing Rule 5810(c)(3)(A)(iv), the Company was not eligible for any compliance period specified in Rule 5810(c)(3)(A) due to the fact that the Company has effected a reverse stock split over the prior one-year period.
As noted above, the Company plans to submit a request for an extended stay through the conclusion of the hearings process; however there can be no assurance that the Panel will grant the Company’s extended stay request or the Company’s request for continued listing or that the Company will be able to regain compliance and thereafter maintain its listing on Nasdaq.
