ReWalk Robotics, Yokneam Ilit, Israel, and Marlborough, Massachusetts, filed Current Report Form 8-K with the U.S. Securities and Exchange Commission (SEC) on December 20 stating that it had received notification that the company failed to comply with the minimum $50 million market value of listed securities (MVLS) requirement for continued listing on the Nasdaq Global Market and that the company did not meet the alternative total assets and total revenue standard requirements under Nasdaq rules.
ReWalk Robotics has 180 calendar days, until June 12, 2017, to regain compliance with the MVLS continued listing requirement. If, at any time prior to that date, the MVLS of the company’s ordinary shares close at or above $50 million for a minimum of ten consecutive business days, Nasdaq will provide the company with written notification that the company has achieved compliance with the MVLS continued listing requirement and the matter will be closed. ReWalk Robotics could also regain compliance with Nasdaq’s continued listing requirements by reporting stockholders’ equity of $10 million or more.
The notice from Nasdaq is a notice of deficiency, not of imminent delisting, and has no current effect on the listing or trading of ReWalk Robotics’ ordinary shares on the Nasdaq Global Market. However, if the company does not regain compliance by June 12, 2017, Nasdaq will provide a written notice that ReWalk Robotics’ securities are subject to delisting. At that time, the company could appeal the delisting determination to a Nasdaq Hearings Panel or apply to transfer its ordinary shares to the Nasdaq Capital Market (provided it satisfied the requirement for continued listing on that market). In the event of an appeal, the company’s ordinary shares would remain listed on the Nasdaq Global Market pending the decision of the hearing.
ReWalk Robotics said it is considering its plan to regain compliance with all applicable requirements for continued listing.
