Sunshine Heart (SSH) to Request Hearing Following Letter from Nasdaq on Listing Qualifications
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Sunshine Heart, Inc. (NASDAQ: SSH) today announced that on September 21, 2016, it received a letter from the Nasdaq Listing Qualifications Staff indicating that the Company did not timely demonstrate compliance with the $1.00 bid price requirement for continued listing on The Nasdaq Capital Market. In accordance with the Nasdaq listing rules, the Company intends to request a hearing before the Nasdaq hearings panel to present its plan to demonstrate compliance with all requirements for continued listing on The Nasdaq Capital Market and request an extension of time within which to do so. The Company’s request for a hearing will stay any action by the Staff with respect to its listing on Nasdaq at least pending the issuance of the Panel’s decision following the hearing and the expiration of any extension granted by the Panel. The Company is diligently working on its plan to demonstrate compliance with the continued listing requirements, and will provide a further update when relevant information becomes available. There can be no assurance that the Panel will determine to continue the Company’s listing or that the Company will be able to evidence compliance with the applicable listing criteria within the period of time that may be granted by the Panel.
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