CAESAREA, Israel, July 19,
2024 /PRNewswire/ -- IceCure Medical Ltd. (Nasdaq:
ICCM) (the "Company"), developer of minimally-invasive cryoablation
technology that destroys tumors by freezing as an alternative to
surgical tumor removal, today announced that it has received a
written notice (the "Notice") from Nasdaq Stock Market LLC
("Nasdaq") indicating that the Company is not in compliance with
the minimum bid price requirement for continued listing set forth
in Nasdaq Listing Rule 5550(a)(2), which requires listed securities
to maintain a minimum bid price of $1.00 per share. Under
Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a
period of 180 calendar days to regain compliance with the minimum
bid price requirement. The Notice has no immediate effect on the
Company's Nasdaq listing or the trading of its ordinary shares, and
during the grace period, as may be extended, the Company's ordinary
shares will continue to trade on the Nasdaq Capital Market under
the symbol "ICCM".
According to the Notice, the Company has until January 14,
2025, to regain compliance with the minimum bid price requirement.
The Company can regain compliance if at any time during this
180-day period the closing bid price of its ordinary shares is at
least $1.00 for a minimum of ten consecutive business
days, in which case the Company will be provided with written
confirmation of compliance and this matter will be closed.
In the event that the Company does not regain compliance after
the initial 180-day period, the Company may then be eligible for an
additional 180-day compliance period if it meets the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for The Nasdaq Capital Market,
with the exception of the minimum bid price requirement. In this
case, the Company will need to provide written notice of its
intention to cure the deficiency during the second compliance
period. If the Company cannot demonstrate compliance by the
allotted compliance period(s), Nasdaq's staff will notify the
Company that its ordinary shares are subject to delisting.
The Company intends to monitor the closing bid price of its
ordinary shares and its continued listing on Nasdaq is a priority
for the Company. Should the situation not resolve itself over the
above-mentioned time frame, the Company intends to consider
available options to cure the deficiency and regain compliance with
the minimum bid price requirement within the compliance period.
About IceCure Medical Ltd.
IceCure Medical Ltd. (Nasdaq: ICCM) develops and markets
advanced liquid-nitrogen-based cryoablation therapy systems for the
treatment of tumors (benign and cancerous) by freezing, with the
primary focus areas being breast, kidney, bone and lung cancer. Its
minimally invasive technology is a safe and effective alternative
to hospital surgical tumor removal that is easily performed in a
relatively short procedure. The Company's flagship ProSense® system
is marketed and sold worldwide for the indications cleared and
approved to date including in the U.S., Europe and China.
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. For example, the Company is using forward-looking
statements when it discusses regaining compliance with Nasdaq's
continued listing requirements, and timing and effect thereof.
Because such actions deal with future events and are based on the
Company's current expectations, they are subject to various risks
and uncertainties, and actual results, performance, or achievements
of the Company could differ materially from those described in or
implied by the statements in this press release. Because such
statements deal with future events and are based on the Company's
current expectations, they are subject to various risks and
uncertainties and actual results, performance or achievements of
the Company could differ materially from those described in or
implied by the statements in this press release. The
forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, including
those discussed under the heading "Risk Factors" in the Company's
Annual Report on Form 20-F filed with the U.S. Securities and
Exchange Commission ("SEC") on April 3, 2024, and in
subsequent filings with the SEC. Except as otherwise required by
law, the Company disclaims any intention or obligation to update or
revise any forward-looking statements, which speak only as of the
date they were made, whether as a result of new information, future
events or circumstances or otherwise.
IR Contact:
Email: investors@icecure-medical.com
Michael Polyviou
Phone: 732-232-6914
Todd Kehrli
Phone: 310-625-4462
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SOURCE IceCure Medical