LumiraDx Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
January 31 2023 - 3:15PM
LumiraDx Limited (Nasdaq: LMDX)(the “Company”) today announced that
it has received notification (the “Notification”) from The Nasdaq
Stock Market LLC that it is not in compliance with the minimum bid
price requirement in Nasdaq Listing Rule 5450(a)(1) for continued
listing on the Nasdaq Global Market, since the closing bid price
for the Company’s common shares on the Nasdaq Global Market was
below US$1.00 for 30 consecutive trading days. Nasdaq Listing Rule
5450(a)(1) requires the common shares to maintain a minimum bid
price of US$1.00 per share (the “Minimum Bid Requirement”), and
Nasdaq Listing Rule 5810(c)(3)(A) provides that failure to meet
such requirement exists if the deficiency continues for a period of
30 consecutive business days.
The Notification has no immediate effect on the listing of the
Company’s common shares on the Nasdaq Global Market. Under Nasdaq
Listing Rule 5810(c)(3)(A), the Company has a period of 180
calendar days from the date of Notification, which was January 27,
2023, to regain compliance with the Minimum Bid Requirement, during
which time the common shares will continue to trade on the Nasdaq
Global Market. If at any time before July 26, 2023, the bid price
of the common shares closes at or above US$1.00 per share for a
minimum of 10 consecutive business days, the Company will regain
compliance with the Minimum Bid Requirement. In the event the
Company does not regain compliance with the Minimum Bid Requirement
by July 26, 2023, the Company may be eligible for an additional
period of 180 calendar days to regain compliance or may be subject
to delisting of the common shares from the Nasdaq Global
Market.
To address the issue, the Company will continuously monitor the
closing bid price of its common shares between now and July 26,
2023, and will evaluate its options to regain compliance with
Nasdaq Listing Rule 5450(a)(1) before such date. The Company
anticipates resolving the deficiency within the compliance
period.
About LumiraDx
LumiraDx Limited (Nasdaq: LMDX) is a next-generation point of
care diagnostics company that is transforming community-based
healthcare. Its actively controlled microfluidic technology
provides fast, high performance and accessible diagnostic solutions
wherever the patient is for nearly any testing scenario, creating
unique testing options at the point of need.
The Company offers a broad menu of lab comparable tests on a
single portable Platform, with more than 30 assays on the market
and in the pipeline, covering infectious diseases, cardiovascular
diseases, diabetes, and coagulation disorders. The Company also
supports high-complexity laboratory testing in an accessible
high-throughput format to leverage current molecular laboratory
operations.
Founded in 2014 and based in the UK, LumiraDx's diagnostic
testing solutions are being deployed globally by governments and
leading healthcare institutions across laboratories, urgent care,
physician offices, pharmacies, schools, and workplaces to help
screen, diagnose, and monitor wellness as well as disease. More
information on LumiraDx is available at www.lumiradx.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995, including statements related to future remedies of the
Company’s non-compliance with Nasdaq Listing Rule 5450(a)(1),
including actions that may be taken to regain compliance. These
statements involve risks, uncertainties and other factors that may
cause actual results, levels of activity, performance or
achievements to be materially different from the information
expressed or implied by these forward-looking statements,
including, among others, general economic, political and business
conditions; changes in interest rates, inflation rates and global
and domestic market conditions; the effect of COVID-19 on our
business and financial results; obtaining or maintaining regulatory
approval, authorization or clearance for our tests; and those
factors discussed under the header "Risk Factors" in our Annual
Report on Form 20-F for the year ended December 31, 2021, which was
filed with the Securities and Exchange Commission, or SEC, on April
13, 2022, in our report on Form 6-K that was filed with the SEC on
August 16, 2022, and in other filings that we make with the SEC.
Although LumiraDx believes that it has a reasonable basis for each
forward-looking statement contained in this press release, LumiraDx
cautions you that these statements are based on a combination of
facts and factors currently known by it and its projections of the
future, about which it cannot be certain. LumiraDx undertakes no
obligation to update or revise the information contained in this
press release, whether as a result of new information, future
events or circumstances or otherwise.
Media Contact:
Melissa Garcia
melissa.garcia@lumiradx.com
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