MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing: |
On December 22, 2016, Medical Transcription Billing Corporation
(MTBC or the Company) received a notice from The Nasdaq Stock
Market granting MTBC an additional 180 calendar days, or until
June 19, 2017, to regain compliance with the minimum $1.00 bid
price per share requirement for continued listing on The Nasdaq
Capital Market. The notification of noncompliance has no
immediate effect on the listing or trading of MTBCs common stock
on the Nasdaq Capital Market under the symbol MTBC. As previously
reported on June 30, 2016, MTBC received written notice
(Notification Letter) from Nasdaq notifying MTBC that it was not
in compliance with the minimum bid price requirements set forth
in Nasdaq Listing Rule 5550(a)(2) for continued listing on The
Nasdaq Capital Market, due to the bid price of the Companys
common stock closing below the minimum $1 per share for the
thirty (30) consecutive business days prior to the date of the
Notification Letter. In accordance with listing rules, MTBC was
afforded 180 days, or until December 21, 2016, to regain
compliance. MTBC was unable to regain compliance with the bid
requirements. However, Nasdaq determined that MTBC is eligible
for the second compliance period due to MTBC meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing
on the Capital Market, with the exception of the bid price
requirement, and MTBCs written notice of its intention to cure
the deficiency during the second compliance period by effecting a
reverse stock split, if necessary.
To regain compliance during the additional time period, the
closing bid price of MTBCs security must be at least $1.00 per
share for a minimum of ten (10) consecutive business days.
The Company intends to monitor the closing bid price of its
common stock and may, if appropriate,consider implementing
available options to regain compliance with the minimum bid price
requirement under the Nasdaq Listing Rules.
| Item 9.01 | Financial Statements and Exhibits: |
| (d) | Exhibits |
| 99.1 |
Letter from Listing Qualifications Department of The Nasdaq Stock Market, dated December 22, 2016 |
(S)
About MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBC)
Medical Transcription Billing, Corp. is a healthcare information technology company that provides an integrated suite of Web-based solutions, together with related business services, to healthcare providers practicing in ambulatory care settings. The Company’s offering, PracticePro, allows healthcare practices with the core software and business services on Software-as-a-Service (SaaS) platform. PracticePro includes practice management software and related tools, which facilitate the day-to-day operation of a medical practice; electronic health records (EHR), which allow its customers to qualify for government incentives; revenue cycle management (RCM) services, which include medical billing, analytics and related services, and mobile Health (mHealth) solutions, including smartphone applications that assist patients and healthcare providers in the provision of healthcare services. The Company offers a clearinghouse service, which allows clients to track claim status. MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBC) Recent Trading Information
MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBC) closed its last trading session down -0.085 at 0.785 with 22,292 shares trading hands.
