Medwave (Arden Hills, Minnesota) said that it has been advised by NASDAQ that its common stock will no longer be traded on the NASDAQ Capital Market beginning with the opening of trading on July 17. The company is currently seeking a market maker to apply for its common stock to be quoted on the OTC Bulletin Board.
The company had received notice from NASDAQ on Jan. 5 that the company's common stock had fallen below the NASDAQ Capital Market's minimum bid price standard for continued listing as set forth in Marketplace Rule 4310(c)(4). The rule requires that a company's common stock trade at a minimum average closing share price of $1 during a consecutive 30-day trading period. The company was provided 180 days to regain compliance with the rule. The company was unable to raise the share price of its common stock to above $1 during this period. Medwave makes sensor-based non-invasive blood pressure solutions.