Medical device manufacturer Lifeward in Marlborough has regained compliance with Nasdaq listing requirements a month after receiving notice it risked delisting.
Lifeward maintained the required minimum $1 per share stock price for the 10 consecutive business days beginning Feb. 24, after failing to meet the Nasdaq requirement last summer, according to a Wednesday filing with the U.S. Securities and Exchange Commission.
As of Wednesday afternoon, Lifeward’s stock was trading at $6.50 per share.
The company’s rise in stock price is likely due to its implementation of a 1-for-12 reverse stock split, in which every 12 shares were consolidated into one, announced in a March 2 SEC filing. In early February, Lifeward said it was considering a 1-for-12 reverse stock split in order to regain Nasdaq compliance.
WBJ has reached out to Lifeward for comment.
Lifeward originally received a deficiency letter from Nasdaq on Aug. 5 for failing to meet the exchange’s required $1 minimum stock price for the prior 30 consecutive business days. The manufacturer was given until Feb. 2 to regain compliance, but after neglecting to do so, was granted a 180-calendar-day extension.
“The company is working very hard to be in compliance again and to achieve the dollar threshold,” Lifeward CFO Almog Adar told WBJ on Feb. 10. “We believe that in the next…180 days, the company will achieve the dollar target and will be in compliance again with the Nasdaq.”
In January, Lifeward announced it planned to sell up to 49.99% of the firm for approximately $47 million to New York City-based Oramed Pharmaceuticals, in exchange for Oramed’s oral protein delivery technology. The transaction is pending shareholder approval.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare, manufacturing, and higher education industries.
