QT Imaging Fails Nasdaq Listing Requirements

TL;DR

Nasdaq is kicking QT Imaging off the exchange, stock might tank.

AI Summary

QT Imaging Holdings, Inc. received a notice on June 17, 2024, indicating it failed to meet the continued listing requirements for The Nasdaq Stock Market. The company was previously known as GigCapital5, Inc. and changed its name on February 4, 2021.

Why It Matters

Failure to meet listing requirements can lead to delisting from a major stock exchange, potentially reducing liquidity and investor confidence.

Risk Assessment

Risk Level: high — The company has failed to meet continued listing requirements, which directly threatens its position on the Nasdaq stock exchange.

Key Players & Entities

• QT Imaging Holdings, Inc. (company) — Registrant
• The Nasdaq Stock Market (company) — Listing Exchange
• GigCapital5, Inc. (company) — Former Company Name
• February 4, 2021 (date) — Date of Name Change
• June 17, 2024 (date) — Date of Earliest Event Reported

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value QTI The Nasdaq Stock Market L
• $50 million — ies (" MVLS ") was below the minimum of $50 million required for continued listing on The N
• $1.00 — e Company's common stock has been below $1.00 per share for 30 consecutive business d

Filing Documents

• qti-20240617.htm (8-K) — 36KB
• 0001844505-24-000027.txt ( ) — 202KB
• qti-20240617.xsd (EX-101.SCH) — 3KB
• qti-20240617_def.xml (EX-101.DEF) — 16KB
• qti-20240617_lab.xml (EX-101.LAB) — 29KB
• qti-20240617_pre.xml (EX-101.PRE) — 17KB
• qti-20240617_htm.xml (XML) — 3KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed by QT Imaging Holdings, Inc. (the " Company ") in a Current Report on Form 8K filed with the U.S. Securities and Exchange Commission on May 10, 2024, the Company received a written notice from the Listing Qualifications Department (the " Staff ") of The Nasdaq Stock Market LLC (" Nasdaq ") notifying the Company that, for the 30 consecutive business days prior to May 6, 2024, the Company's Market Value of Listed Securities (" MVLS ") was below the minimum of $50 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the " MVLS Requirement "). On June 17, 2024, the Staff of Nasdaq sent to the Company a further written notice (the " Notice ") notifying the Company that it is also no longer in compliance with the Nasdaq Listing Rules because the minimum bid price of the Company's common stock has been below $1.00 per share for 30 consecutive business days . The Notice has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Global Market. An indicator reflecting noncompliance will be displayed with quotation information related to the Company's shares on NASDAQ.com and NASDAQTrader.com and may be displayed by other third-party providers of market data information. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of the Notice, or until December 16, 2024 (the " Compliance Date "), to regain compliance with the minimum bid price requirement. This compliance period expires after the date when compliance period to regain compliance with respect to the MVLS Requirement expires, which is November 4, 2024. During the period from the receipt of the Notice until the Compliance Date, the Company's securities will continue to trade on The Nasdaq Global Market under the symbol "QTI." If

View Full Filing

View this 8-K filing on SEC EDGAR