BioSig Technologies : Failure to Satisfy Listing Rule - Form 8-K
March 18, 2024 at 06:11 am EDT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported, on March 5, 2024, BioSig Technologies, Inc. (the "Company") received a letter from the Listing Qualifications Department of Nasdaq (the "Staff") stating that the Company has not regained compliance with Listing Rule 5550(a)(2) because the Company's common stock did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market, and the Company is not eligible for a second 180 day cure period under Rule 5810(c)(3)(A)(2) because the Company does not comply with the $5,000,000 minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market, and that accordingly, Nasdaq would delist the Company's common stock unless the Company requested an appeal of this determination. On March 11, 2024, the Company submitted a request for a hearing before the Nasdaq Hearings Panel to appeal the Staff's delisting determination.
On March 12, 2024, the Company received a letter from the Staff stating that based upon the Staff's review of the Company and pursuant to Listing Rule 5101, the Staff believes that the Company no longer has an operating business and is a "public shell," and that the continued listing of its securities is no longer warranted, in view of the following:
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On February 5, 2024, the Company disclosed in a Form 8-K that the Company commenced a workforce reduction consisting of 16 employees including the Chief Operating Officer and the Chief Commercial Officer;
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On February 21, 2024, the Company disclosed in a Form 8-K on that the Chief Financial Officer resigned and that six of the Company's seven directors serving on the board resigned from the board and their respective committee assignments, and as a result the Company no longer complies with Nasdaq's majority independent board, independent audit, compensation and nominating committee requirements as set forth in Listing Rule 5605; and
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On February 28, 2024, the Company disclosed in a Form 8-K that Kennth Londoner resigned his position as Chief Executive Officer and director; and that former board member, Frederick Hrkac was reappointed to the board and appointed President and Principal Executive Officer, and as a result, the Company currently has one employee and one board member.
The letter further stated that the Company no longer meets the requirement of Rule 5550(b)(2) to maintain a minimum Market Value of Listed Securities of $35 million, if none of the other standards set forth in Rule 5550(b) is met.
The Staff stated that the foregoing matters serve as an additional basis for delisting the Company's common stock from The Nasdaq Stock Market, and that the Hearings Panel will consider this matter in rendering a determination regarding the Company's continued listing on The Nasdaq Capital Market.
The Company intends also to appeal the foregoing determinations. The requested hearing before the Hearings Panel will be held on May 7, 2024.
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BioSig Technologies, Inc. is a medical technology company focused on deciphering the bodyâs electrical signals, starting with heart rhythms. The Companyâs product, the PURE EP Platform, a non-invasive class II device, provides real-time signal visualization allowing physicians to perform highly targeted cardiac ablation procedures. Integrating with existing systems in the EP lab, PURE EP is designed to pinpoint even the complex signals to maximize procedural success and efficiency. The PURE EP System is designed to address long-standing limitations that slow and disrupt cardiac catheter ablation procedures, such as environmental lab noise from other equipment, signal saturation, slow signal recovery, and inaccurate display of fractionated potentials. PURE EP is a signal processing platform that combines advanced hardware and software to address known challenges associated to signal acquisition, to enable electrophysiologists to see more signals and analyze them in real-time.
BIOSIG TECHNOLOGIES, INC. 
