Nuwellis (NUWE) Regains Nasdaq Compliance

Nuwellis, Inc. (Nasdaq: NUWE) today announced that the Company received formal written notice from The Nasdaq Stock Market LLC that the Company has regained compliance with Nasdaq's minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), as well as Nasdaq’s stockholders’ equity requirement set forth in Nasdaq Listing Rule 5550(b)(1). The Company's Common Stock will continue to trade on The Nasdaq Capital Market tier of Nasdaq under the symbol "NUWE".

This confirmation follows the Company’s successful efforts to improve its balance sheet by raising new equity, reducing outstanding liabilities, and reclassifying certain prior warrant liabilities as equity. As a result, Nuwellis now exceeds Nasdaq’s stockholders' Equity Requirement of at least $2.5 million, which was previously reported on our Form 10-Q for the period ending September 30, 2024.

Nestor Jaramillo, President and CEO of Nuwellis, said: "We are pleased to receive Nasdaq’s written notification confirming Nuwellis has regained compliance with both the minimum stockholders’ Equity Requirement and the Bid Price Requirement. Over the past few months, we have made significant strides in improving our balance sheet and expanding our business. This includes the successful raise of $5.1 million in gross proceeds from warrant exercises and through our recent warrant inducement transaction in November. In addition, we implemented a reverse stock split of 1:35 on June 26, 2024.”

As part of the compliance confirmation, Nuwellis will be subject to a mandatory panel monitor for a year from the date the letter was received, December 17, 2024.

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