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Aclarion appeals latest Nasdaq delisting notice

BROOMFIELD — Aclarion Inc. (Nasdaq: ACON) is appealing its latest delisting notice from Nasdaq.

The Broomfield-based medical-device startup has faced several delisting notices from the exchange over its noncompliance with various Nasdaq rules. The company:

  • On March 3 received a letter from Nasdaq indicating that it was not in compliance with a rule that requires listed companies to maintain a minimum of $2.5 million in stockholders’ equity. The company on April 20 received an extension notice granting it a 180-day period, until Aug. 30, to regain compliance.
  • Aclarion also is not in compliance with a Nasdaq rule requiring listed companies to maintain a bid price of $1 per share of common stock. The company remains in a grace period to regain compliance on that issue until Jan. 31, 2024.

On Aug. 31, Aclarion received notice that it had not met the terms of the extension notice on the equity requirement and that the company’s stock would be delisted, a notice that the company is appealing. Aclarion’s stock will continue to be traded pending completion of the hearing process and a written decision by Nasdaq.

“The company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq,” Aclarion said in a filing with the Securities and Exchange Commission. “There can be no assurance that a favorable decision will be obtained from the panel.

“If trading in the company’s common stock is suspended on Nasdaq or the company’s common stock is delisted by Nasdaq for any reason, it could negatively impact the company as it would likely reduce the liquidity and market price of the company’s common stock; reduce the number of investors willing to hold or acquire the company’s common stock; negatively impact the company’s ability to access equity markets and obtain financing; and impair the company’s ability to provide equity incentives.”

Aclarion’s stock closed Friday at 42 cents, down 10.62%.

Source: BizWest