Computer-aided detection (CAD) firm iCAD has received a letter from the Nasdaq stock market informing the company that the bid price for its common stock has closed below the minimum $1 per share requirement for the past 30 consecutive business days.
In accordance with market regulations, iCAD will have 180 calendar days, or until March 7, 2012, to regain compliance with the minimum bid price rule.
If iCAD's stock price closes at $1 per share or more for a minimum of 10 consecutive business days before March 7, 2012, the company will return to compliance with Nasdaq's minimum bid price regulation.
The Nasdaq letter has no immediate effect on the listing of iCAD's common stock on the exchange, the company said.
