Wearable Devices Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Requirement
24 Avril 2024 - 10:15PM
Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable
Devices” or the “Company”), a technology growth company developing
AI-powered touchless sensing wearables, today announced that it has
received a notification letter from Nasdaq Stock Market LLC
(“Nasdaq”) that the Company has been granted an additional 180-day
compliance period, or until October 21, 2024, to regain compliance
with Nasdaq’s minimum bid price rule.
Nasdaq’s determination is based on the Company
meeting the continued listing requirement for market value of
publicly held shares and all other applicable requirements for
initial listing on the Nasdaq Capital Market, with the exception of
the bid price requirement, and the Company’s written notice of its
intention to cure the deficiency during the second compliance
period and if necessary, by effecting a reverse stock split.
In a notification letter dated October 24, 2023,
Nasdaq had informed the Company that, based on the previous 30
consecutive business days, the Company’s ordinary shares no longer
met the minimum $1.00 bid price per share requirement. Therefore,
in accordance with Nasdaq’s Listing Rules, the Company was provided
180 calendar days, or until April 22, 2024, to regain
compliance.
If at any time before October 21, 2024, the
closing bid price of the Company’s ordinary shares is at least
$1.00 per share for a minimum of 10 consecutive business days, the
Company will regain compliance with this Nasdaq rule and this
matter will be closed.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company’s
ordinary shares, which will continue to trade on the Nasdaq Capital
Market under the symbol “WLDS.”
About Wearable Devices Ltd.
Wearable Devices Ltd. is a growth company developing AI-based
neural input interface technology for the B2C and B2B markets. The
Company’s flagship product, the Mudra Band for Apple Watch,
integrates innovative AI-based technology and algorithms into a
functional, stylish wristband that utilizes proprietary sensors to
identify subtle finger and wrist movements allowing the user to
“touchlessly” interact with connected devices. The Company also
markets a B2B product, which utilizes the same technology and
functions as the Mudra Band and is available to businesses on a
licensing basis. Wearable Devices Is committed to creating
disruptive, industry leading technology that leverages AI and
proprietary algorithms, software, and hardware to set the input
standard for the Extended Reality, one of the most rapidly
expanding landscapes in the tech industry. The Company’s ordinary
shares and warrants trade on the Nasdaq market under the symbol
“WLDS” and “WLDSW”, respectively.
Forward-Looking Statement Disclaimer
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, we are using
forward-looking statements when we discuss regaining compliance
with Nasdaq’s continued listing requirements, and the timing and
effect thereof as well as potentially effecting a reverse stock
split. 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 our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our ability to successfully
market our products and services; the acceptance of our products
and services by customers; our continued ability to pay operating
costs and ability to meet demand for our products and services; the
amount and nature of competition from other security and telecom
products and services; the effects of changes in the cybersecurity
and telecom markets; our ability to successfully develop new
products and services; our success establishing and maintaining
collaborative, strategic alliance agreements, licensing and
supplier arrangements; our ability to comply with applicable
regulations; and the other risks and uncertainties described in our
annual report on Form 20-F filed on March 15, 2024 and our other
filings with the Securities and Exchange Commission. We undertake
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.
Investor Relations Contact
Walter FrankIMS Investor
Relations203.972.9200wearabledevices@imsinvestorrelations.com
Wearable Devices (NASDAQ:WLDSW)
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