Image-guided therapy developer IMRIS has received a deficiency notice related to the bid price of its stock from the Nasdaq Stock Market.
The April 20 letter noted that the bid price for the company's common stock has closed below the minimum $1 per share required for continued listing under the Nasdaq listing rule for the past 30 business days. IMRIS now has 180 calendar days, or until October 19, to regain compliance with the minimum bid requirement or it will be subject to delisting by Nasdaq.
If the closing bid price per share of the common stock is at or above $1 for 10 consecutive business days over the course of the grace period, IMRIS will be deemed to have regained compliance and the matter will be closed, according to the firm.
