NEMAURA MEDICAL, INC. (OTCMKTS:NMRD) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Nemaura Medical Inc. (the “Company”), received a letter dated July 15, 2019, from the Listing Qualifications Department of the NASDAQ Stock Market LLC (“NASDAQ”), which stated that, based upon the closing bid price for the last 30 consecutive business days, the Company no longer meets the requirements set forth in NASDAQ Rule 5550(a)(2), which requires listed securities to maintain a minimum closing bid price of $1 per share (the “Minimum Bid Price Rule”). In accordance with NASDAQ Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until January 11, 2020, to regain compliance with the Minimum Bid Price Rule. The Company may regain compliance with the Minimum Bid Price Rule if the closing bid price of its common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days at any time prior to January 11, 2020.
The Company will consider available options to regain compliance with the Minimum Bid Price Rule by January 11, 2020.
About NEMAURA MEDICAL, INC. (OTCMKTS:NMRD)
Nemaura Medical, Inc. is a holding company. The Company owns a diagnostic medical device company specializing in discovering, developing and commercializing specialty medical devices. The Company’s focus is on the development of a continuous glucose monitoring (CGM) device, which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. CGM through a non-invasive patch can enable early detection of subtle changes in blood glucose levels. The Company, through its operating subsidiaries, performs medical device research and manufacturing of a CGM, named sugarBEAT. The sugarBEAT device is a non-invasive, wireless device for use by persons with Type I and Type II diabetes, and may also be used to screen pre-diabetic patients. The sugarBEAT device extracts analytes, such as glucose, to the surface of the skin in a non-invasive manner where it is measured using sensors and interpreted using an algorithm.