Ra Medical Systems, Inc. (“Ra Medical”) (NYSE: RMED), a commercial-stage medical device company leveraging its advanced excimer laser-based platform for use in the treatment of vascular and dermatological immune-mediated inflammatory diseases, today announced receipt of written notice from The New York Stock Exchange (the “NYSE”) indicating that Ra Medical is no longer in compliance with the NYSE’s continued listing standards as set forth in Section 802.01C of the NYSE’s Listed Company Manual, which requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
In accordance with Section 802.01C of the NYSE’s Listed Company Manual, Ra Medical has a period of six months, to regain compliance with the average closing share price requirement. In response to the COVID-19 pandemic, the NYSE is tolling compliance periods until at least June 30, 2020. If such tolling period is not further extended, Ra Medical must regain compliance by December 31, 2020. To regain compliance, on the last trading day of any calendar month during the cure period, Ra Medical’s common stock must have (i) a closing price of at least $1.00 per share and (ii) an average closing price of at least $1.00 per share over the 30-trading day period ending on the last trading day of such month. If Ra Medical is unable to regain compliance, the NYSE will initiate procedures to suspend and delist Ra Medical’s common stock.
The notification has no immediate effect on the listing of Ra Medical’s common stock, which will continue to be listed and traded on the NYSE during the cure period, subject to Ra Medical’s compliance with the other listing requirements of the NYSE. Ra Medical’s common stock will continue to trade under the symbol “RMED” but will have an added designation of “.BC” to indicate the status of the common stock as “below compliance” with the NYSE’s continued listing standards. The “.BC” indicator will be removed at such time as Ra Medical regains compliance.
Ra Medical intends to monitor the closing price of its common stock and consider implementing available options to regain compliance with the average closing share price requirement.