SeaStar Medical Faces Nasdaq Delisting Notice
Ticker: ICUCW · Form: 8-K · Filed: Jun 28, 2024 · CIK: 1831868
| Field | Detail |
|---|---|
| Company | Seastar Medical Holding CORP (ICUCW) |
| Form Type | 8-K |
| Filed Date | Jun 28, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $11.50, $35 million, $1.00 B, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, nasdaq
TL;DR
Nasdaq is threatening to kick SeaStar Medical off the exchange; company is figuring out what to do.
AI Summary
SeaStar Medical Holding Corp. received a notice on June 24, 2024, indicating it failed to meet a continued listing rule or standard for the Nasdaq Capital Market. The company is currently evaluating the notice and will determine its next steps, which may include appealing the determination.
Why It Matters
Failure to meet listing standards could lead to delisting from the Nasdaq, significantly impacting the company's stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — Receiving a delisting notice from a major stock exchange like Nasdaq poses a significant risk to the company's continued trading and market valuation.
Key Players & Entities
- SeaStar Medical Holding Corp. (company) — The company filing the report and receiving the notice.
- Nasdaq Capital Market (company) — The stock exchange from which the company may be delisted.
- June 24, 2024 (date) — The date the notice of non-compliance was received.
FAQ
What specific Nasdaq listing rule did SeaStar Medical fail to satisfy?
The filing states that SeaStar Medical received a notice regarding failure to satisfy a continued listing rule or standard for the Nasdaq Capital Market, but does not specify which rule was violated.
What is the earliest event date reported in this filing?
The earliest event date reported in this filing is June 24, 2024.
What is SeaStar Medical Holding Corp.'s principal executive office address?
SeaStar Medical Holding Corp.'s principal executive office is located at 3513 Brighton Blvd, Suite 410, Denver, Colorado 80216.
What actions can SeaStar Medical take in response to the delisting notice?
The company is evaluating the notice and will determine its next steps, which may include appealing the determination.
What was SeaStar Medical Holding Corp.'s former name?
SeaStar Medical Holding Corp.'s former name was LMF Acquisition Opportunities Inc.
Filing Stats: 849 words · 3 min read · ~3 pages · Grade level 15.6 · Accepted 2024-06-28 16:10:10
Key Financial Figures
- $0.0001 — ich registered Common Stock par value $0.0001 per share ICU The Nasdaq Stock Mark
- $11.50 — sable for one share of Common Stock for $11.50 per share ICUCW The Nasdaq Stock Ma
- $35 million — the "Common Stock"), had been below the $35 million minimum requirement for continued listi
- $1.00 B — Panel. Regaining Compliance with the $1.00 Bid Price Rule On June 27, 2024, the Co
- $1.00 — of the Company's Common Stock was below $1.00 per share requirements of the Minimum B
Filing Documents
- icu-20240630.htm (8-K) — 47KB
- 0000950170-24-079054.txt ( ) — 196KB
- icu-20240630.xsd (EX-101.SCH) — 47KB
- icu-20240630_htm.xml (XML) — 6KB
01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer or Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer or Listing Non-Compliance with the Market Value of Listed Securities Rule On June 24, 2024, SeaStar Medical Holding Corporation (the "Company") received a letter (the "Nasdaq Staff Deficiency Letter") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that, for the last thirty-five (35) consecutive business days, the Market Value of Listed Securities ("MVLS") for the Company's common stock, par value $0.0001 per share (the "Common Stock"), had been below the $35 million minimum requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided an initial period of 180 calendar days, or until December 23, 2024, to regain compliance. The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5550(b)(2) if at any time before December 23, 2024, the Company's MVLS closes at $35 million or more for a minimum of ten (10) consecutive business days. The Nasdaq Staff Deficiency Letter is only a notification of deficiency, not of imminent delisting, and has no immediate effect on the listing or trading of the Company's common stock. If compliance in not achieved by December 23, 2024, the Company expects that Nasdaq would provide written notification to the Company that its securities are subject to delisting. The Company will continue to monitor its MVLS and consider its available options to regain compliance with the Nasdaq minimum MVLS requirements, which may include applying for an extension of the compliance period or appealing to a Nasdaq Hearings Panel. Regaining Compliance with the $1.00 Bid Price Rule On June 27, 2024, the Company received a letter from the Nasdaq Office of General Counsel confirming that the Company has regained compliance with the minimum bid price require
SIGNATURES
SIGNATURES 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. SeaStar Medical Holding Corporation By: /s/ Eric Schlorff Date: June 28, 2024 Name: Eric Schlorff Title: Chief Executive Officer