Lombard Medical (EVAR) Receives Nasdaq Listing Notification
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Lombard Medical, Inc. (Nasdaq: EVAR) reported that on November 9, 2016, it received a NASDAQ Staff Deficiency Letter indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5450(a)(1) which requires listed securities to maintain a minimum bid price of $1.00 per share.
The NASDAQ notice has no immediate effect on the listing or trading of Lombard’s common stock on the NASDAQ Stock Market.
According to the letter from NASDAQ, Lombard has a grace period of 180 calendar days, starting November 9, 2016, to regain compliance with the minimum bid price requirement. Lombard can regain compliance if, at any time before the grace period ends, the bid price of its ordinary shares closes at or above $1.00 per share for a minimum of ten (10) consecutive business days. If Lombard cannot demonstrate bid price compliance by the end of the 180 day grace period, the Company may become eligible for an additional 180 day grace period if the Company meets NASDAQ’s initial listing standards with the exception of the minimum bid price requirement.
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