Ra Medical Systems Receives NYSE Failure to Satisfy a Continued Listing Rule Notification
Ra Medical Systems Inc., a medical device company focusing on commercializing excimer laser systems to treat vascular and dermatological diseases, announced that on Dec. 4 it received a notice from the New York Stock Exchange that it is not in compliance with a NYSE continued listing requirement for maintaining an average total market capitalization of not less than $50 million over a period of 30 consecutive trading days and having stockholders’ equity of not less than $50 million.
The Company intends to submit a plan within 45 days of the notice to the NYSE advising how the Company plans to regain compliance with the continued listing standards within 18 months of the receipt of the notice.
If NYSE does not accept the plan or the Company is not in compliance with the continued listing standards at the end of such 18 month cure period, or does not make progress consistent with the plan, NYSE may initiate delisting procedures. The NYSE notification does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements.
During this period, the Company’s common stock will continue to be traded on the NYSE, subject to compliance with other continued NYSE listing requirements.