CAESAREA, Israel, Nov. 3, 2023
/PRNewswire/ -- IceCure Medical Ltd. (Nasdaq: ICCM) ("IceCure" or
the "Company"), a developer of the ProSense® System, a
minimally-invasive cryoablation technology that destroys tumors by
freezing as an alternative to surgical tumor removal, today
announced that it has received a written notice (the "Notice") from
Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is
not in compliance with the minimum bid price requirement for
continued listing set forth in Nasdaq Listing Rule 5550(a)(2),
which requires listed securities to maintain a minimum bid price of
$1.00 per share. Under Nasdaq Listing
Rule 5810(c)(3)(A), the Company has been granted a period of 180
calendar days to regain compliance with the minimum bid price
requirement. The Notice has no immediate effect on the Company's
Nasdaq listing or the trading of its ordinary shares and during the
grace period, as may be extended, the Company's ordinary shares
will continue to trade on the Nasdaq Capital Market under the
symbol "ICCM".
According to the Notice, the Company has until April 29, 2024 to regain compliance with the
minimum bid price requirement. The Company can regain compliance if
at any time during this 180-day period the closing bid price of its
ordinary shares is at least $1.00 for
a minimum of ten consecutive business days, in which case the
Company will be provided with written confirmation of compliance
and this matter will be closed.
In the event that the Company does not regain compliance after
the initial 180-day period, the Company may then be eligible for an
additional 180-day compliance period if it meets 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. In this
case, the Company will need to provide written notice of its
intention to cure the deficiency during the second compliance
period. If the Company cannot demonstrate compliance by the
allotted compliance period(s), Nasdaq's staff will notify the
Company that its ordinary shares are subject to delisting.
The Company intends to monitor the closing bid price of its
ordinary shares and its continued listing on Nasdaq is a priority
for the Company. Should the situation not resolve itself over the
above-mentioned time frame, the Company intends to consider
available options to cure the deficiency and regain compliance with
the minimum bid price requirement within the compliance period.
About IceCure Medical Ltd.
IceCure Medical Ltd. (Nasdaq: ICCM) develops and markets
ProSense®, an advanced liquid-nitrogen-based cryoablation therapy
for the treatment of tumors (benign and cancerous) by freezing,
with the primary focus areas being breast, kidney, bone and lung
cancer. Its minimally invasive technology is a safe and effective
alternative to hospital surgical tumor removal that is easily
performed in a relatively short procedure. The system is marketed
and sold worldwide for the indications cleared and approved to date
including in the U.S., Europe, and
China.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as "believe," "expect," "may,"
"should," "could," "seek," "intend," "plan," "goal," "estimate,"
"anticipate" or other comparable terms. For example, the Company is
using forward-looking statements in this press release when it
discusses regaining compliance with Nasdaq's continued listing
requirements, and timing and effect thereof. All statements other
than statements of historical facts included in this press release
regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause actual results, developments and business decisions to differ
materially from those anticipated in these forward-looking
statements include, among other things: our planned level of
revenues and capital expenditures; our available cash our ability
to obtain additional funding; our ability to market and sell our
products; regulatory developments in the
United States and other countries; our plans to continue to
invest in research and development to develop technology for both
existing and new products; our ability to maintain our
relationships with suppliers, manufacturers and other partners; our
ability to maintain or protect the validity of our European, U.S.
and other patents and other intellectual property; our ability to
internally develop and protect new inventions and intellectual
property; our ability to retain key executive members; our ability
to expose and educate physicians and other medical professionals
about the use cases of our products; our expectations regarding our
tax classifications; interpretations of current laws and the
passage of future law; political, economic and military instability
in the Middle East and
specifically in Israel may impede
our ability to operate and harm our financial results; and the
other risks and uncertainties described in our Annual Report on
Form 20-F for the year ended December 31,
2022, filed with the Securities and Exchange Commission (the
"SEC"), on March 28, 2023, and our
other filings with the SEC. The Company undertakes no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
IR Contact:
Email: investors@icecure-medical.com
Michael Polyviou
Phone: 732-232-6914
Todd Kehrli
Phone: 310-625-4462
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SOURCE IceCure Medical