TAMPA, Fla., March 13, 2024 /PRNewswire/ -- Marpai, Inc.
("Marpai" or the "Company") (Nasdaq: MRAI), an independent
national Third-Party Administration (TPA) company transforming the
$22 billion TPA market supporting
self-funded employer health plans with affordable, intelligent,
healthcare, today announced that it received notice from
the Nasdaq Hearings Panel ("Panel") of The Nasdaq
Stock Market ("Nasdaq") that it has granted the Company an
extension to regain compliance with the continued listing
requirements for The Nasdaq Capital Market (the "Panel Decision"),
as discussed more fully below.
Subject to the Company meeting certain requirements by
March 31, 2024, the Hearings
Panel granted the Company an extension until May 28,
2024, to regain compliance with the Market Value of Listed
Securities ("MVLS") requirement of $35,000,000 or satisfy any of the alternative
requirements in Listing Rule 5550(b).
"The extension granted by the Nasdaq Hearings
Panel will allow us to finish executing our plan to regain
compliance with Nasdaq's minimum market value of listed securities
requirement," said Damien Lamendola, CEO of Marpai. "Marpai
has made significant progress on our plan to raise equity, improve
operational efficiencies and drive growth through our recent
customer renewals and wins."
As previously disclosed by the Company, on May 31, 2023, Nasdaq Listing Qualifications staff
("Staff") notified the Company that the market value of its listed
securities ("MVLS") had been below the minimum $35,000,000 required for continued listing as set
forth in Listing Rule 5550(b)(2). In accordance with Listing Rule
5810(c)(3)(C), the Company was provided 180 calendar days, or until
November 27, 2023, to regain compliance. On November 28, 2023, the
Staff notified the Company that it had determined to delist the
Company as it did not comply with the MVLS requirement for listing
on the Exchange. On November 29, 2023, the Company requested a
hearing. A hearing on the matter was held on February 22, 2024,
where the Company presented its compliance plan.
Notwithstanding the foregoing, there can be no assurance that
the Company will be able to meet these deadlines or ultimately
regain compliance with all applicable requirements for continued
listing.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a leading, national TPA company
bringing value-oriented health plan services to employers that
directly pay for employee health benefits. Primarily competing in
the $22 billion TPA sector serving
self-funded employer health plans representing over $1 trillion in annual claims. Marpai works to
deliver the healthiest member population for the health plan
budget. Operating nationwide, Marpai offers access to leading
provider networks including Aetna and Cigna and all TPA services.
For more information, visit www.marpaihealth.com, the content
of which is not incorporated by reference into this press
release.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements, as that
term is defined in the Private Litigation Reform Act of 1995, that
involve significant risks and uncertainties. Forward-looking
statements can be identified through the use of words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," "guidance," "may," "can," "could", "will",
"potential", "should," "goal" and variations of these words or
similar expressions. For example, the Company is using forward
looking statements when it discusses the potential to regain
compliance with the Nasdaq listing rules. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect Marpai's current expectations and speak
only as of the date of this release. Actual results may differ
materially from Marpai's current expectations depending upon a
number of factors. These factors include, among others, adverse
changes in general economic and market conditions, competitive
factors including but not limited to pricing pressures and new
product introductions, uncertainty of customer acceptance of new
product offerings and market changes, risks associated with
managing the growth of the business. Except as required by law,
Marpai does not undertake any responsibility to revise or update
any forward-looking statements whether as a result of new
information, future events or otherwise.
More detailed information about Marpai and the risk factors that
may affect the realization of forward-looking statements is set
forth in Marpai's filings with the Securities and Exchange
Commission. Investors and security holders are urged to read these
documents free of charge on the SEC's web site
at http://www.sec.gov.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nasdaq-panel-grants-marpais-request-for-extension-to-comply-with-continued-listing-requirements-302087404.html
SOURCE Marpai
