Nuwellis, Inc. Receives 180-Day Extension to Meet Nasdaq Minimum Bid Price Requirement
November 30 2022 - 7:00AM
Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company,
announced today it received an extension of 180 calendar days from
the Nasdaq Stock Market LLC ("Nasdaq") to regain compliance with
the Nasdaq’s minimum $1.00 bid price requirement set forth in
Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq
Capital Market (the “Bid Price Requirement”), following the
expiration of the initial 180 calendar days period to regain
compliance on November 28, 2022.
As a result of the extension, the Company now
has until May 29, 2023 to regain compliance with the Bid Price
Requirement. If at any time before May 29, 2023, the bid price of
the Company’s common shares closes at or above US$1.00 per share
for a minimum of 10 consecutive business days, Nasdaq will provide
written notification to the Company that it has achieved compliance
with the Bid Price Requirement.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company’s shares,
which will continue to trade on the Nasdaq Capital Market under the
symbol “NUWE”.
About NuwellisNuwellis, Inc.
(Nasdaq: NUWE) is a medical technology company dedicated to
transforming the lives of patients suffering from fluid overload
through science, collaboration, and innovation. The company is
focused on developing, manufacturing, and commercializing the
Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is
headquartered in Minneapolis, Minnesota, with a wholly owned
subsidiary in Ireland.
About the Aquadex SmartFlow
SystemThe Aquadex SmartFlow system delivers clinically
proven therapy using a simple, flexible and smart method of
removing excess fluid from patients suffering from hypervolemia
(fluid overload). The Aquadex SmartFlow system is indicated for
temporary (up to 8 hours) or extended (longer than 8 hours in
patients who require hospitalization) use in adult and pediatric
patients weighing 20 kg or more whose fluid overload is
unresponsive to medical management, including diuretics. All
treatments must be administered by a health care provider, within
an outpatient or inpatient clinical setting, under physician
prescription, both having received training in extracorporeal
therapies.
Forward-Looking
Statements Certain statements in this release may be
considered forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including without
limitation, statements regarding the new market opportunities and
anticipated growth in 2022 and beyond. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this release, including, without
limitation, those risks associated with our ability to execute on
our commercialization strategy, the impact of the COVID-19
pandemic, the possibility that we may be unable to raise sufficient
funds necessary for our anticipated operations, our post-market
clinical data collection activities, benefits of our products to
patients, our expectations with respect to product development and
commercialization efforts, our ability to increase market and
physician acceptance of our products, potentially competitive
product offerings, intellectual property protection, our ability to
integrate acquired businesses, our expectations regarding
anticipated synergies with and benefits from acquired businesses,
and other risks and uncertainties described in our filings with the
SEC. Forward-looking statements speak only as of the date when
made. Nuwellis does not assume any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACTS
INVESTORS:Vivian CervantesGilmartin Group
LLCir@nuwellis.com
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