Sharps Technology (NASDAQ:STSS) has secured approval from The Nasdaq Stock Market to maintain its listing on the exchange.
At an August hearing, the company’s senior management and outside counsel outlined its compliance plan to address a bid price deficiency.
Previously, the company had been granted an extension to resolve the deficiency, wherein it agreed to conduct a reverse split and obtained shareholder approval at a ratio of up to one share for eight.
After obtaining shareholder approval, a new Exchange rule was proposed that would subject a company with a bid price deficiency to immediate delisting if the same company had experienced a bid price deficiency in the previous 12 months.
As a result of this proposed rule, the company determined to seek shareholder approval for a reverse split at a higher ratio to improve its chances of maintaining compliance with the bid price rule on a long-term basis.
The Nasdaq Hearings Panel has granted the company a brief exception to complete a reverse split and cure its bid price deficiency.
