Helius Medical Technologies Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 31, 2025, Helius Medical Technologies, Inc. (the “Company”) received written notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company no longer complies with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Requirement”) for continued listing on The Nasdaq Stock Market LLC because the Company’s stockholders’ equity, as reported in the Company’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2024, has fallen below $2.5 million. The notice also indicates that the Company does not meet the alternative compliance standards.
As previously disclosed in the Company’s Current Reports on Form 8-K, filed on August 9, 2024 and February 7, 2025 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company received notice from Nasdaq that the Company was not in compliance with the minimum bid price requirement, as set forth in Nasdaq Marketplace Rule 5550(a)(2) (the “Minimum Bid Price Requirement”), for a period of 30 consecutive business days. As provided in such notice, the Company had a 180-day period, until February 7, 2025, to regain compliance with the Minimum Bid Price Requirement. On February 7, 2025, the Company received a second notification letter from Nasdaq notifying the Company that the 180-day compliance period had expired and that the Company was ineligible for an additional 180-day period due to the Company’s noncompliance with the $5,000,000 minimum stockholders’ equity initial listing requirement for the Nasdaq Capital Market. As a result, the second notification letter informed the Company that its listed common stock would be subject to delisting pending the request of an appeal with regards to this determination. The Company had a hearing with the Nasdaq Hearing Panel on March 18, 2025.
On April 1, 2025, the Company received an additional letter (the “Extension Notice”) from Nasdaq notifying the Company that, following the hearing process with respect to the Company’s deficiency with the Minimum Bid Price Requirement, Nasdaq has granted the Company an extension, until June 30, 2025 to regain compliance with the Minimum Bid Price Requirement as well as the Stockholders’ Equity Requirement.
The Notice and the Extension Notice have no immediate impact on the listing of the Company’s common stock, which will continue to trade on The Nasdaq Stock Market LLC under the symbol “HSDT”. The Company will seek to regain compliance with the Minimum Bid Price Requirement and the Stockholders’ Equity Requirement within the extension period.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HELIUS MEDICAL TECHNOLOGIES, INC. | ||
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Dated: April 4, 2025 |
| By: | /s/ Jeffrey S. Mathiesen |
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| Jeffrey S. Mathiesen |
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| Chief Financial Officer, Treasurer and Secretary |
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