Rail Vision Ltd. said it received notice from Nasdaq indicating that the company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as its closing bid price for its ordinary shares was below $1 per share for the last 30 consecutive business days.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the company has been granted a 180-calendar day compliance period until Jan. 21, 2025, to regain compliance with the minimum bid price requirement.
During the compliance period, the company’s ordinary shares will continue to be listed and traded on the Nasdaq Stock Market. To regain compliance, the closing bid price of the company’s ordinary shares must meet or exceed $1.00 per share for at least 10 consecutive business days during the 180-calendar-day compliance period.
If the company is not in compliance by Jan. 21, 2025, the company may be afforded a second 180-calendar-day compliance period. To qualify for this additional time, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market with the exception of the minimum bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period.
If the company does not regain compliance within the allotted compliance period, including any extensions that Nasdaq may grant, Nasdaq will provide notice that the company’s ordinary shares will be subject to delisting.
The company intends to monitor the closing bid price of its ordinary shares between now and Jan. 21 and will consider available options to resolve the company’s noncompliance with the minimum bid price requirement as may be necessary. There can be no assurance that the company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.
