Marpai : Failure to Satisfy Listing Rule - Form 8-K
October 06, 2023 at 04:06 pm
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 6, 2023, Marpai, Inc. (the "Company") received a notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company did not satisfy the requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) ("Rule 5550(a)(2)") to maintain a minimum bid price of $1.00 per share. The Company became deficient with Rule 5550(a)(2) as of October 6, 2023 as the closing bid price of its Class A common stock was less than $1.00 per share for 30 consecutive business days prior to the date of the Notice.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 days, or until April 3, 2024, to comply with Rule 5550(a)(2) by maintaining a closing bid price of at least $1.00 per share for at least 10 consecutive business days during this 180 days period. In the event that the Company does not regain compliance within this 180 day period, the Company may be eligible to seek an additional compliance period of 180 calendar days 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 bid price requirement, and provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary.
The Company intends to monitor the closing bid price of the Company's Class A common stock and consider its available options in the event that the closing bid price of the Company's Class A common stock remains below $1.00 per share. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other listing requirements.
Marpai Inc. published this content on 06 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2023 20:05:18 UTC.
Marpai, Inc. is a technology-driven healthcare company, which uses artificial intelligence (AI) and data analytics. The Company provides administrative services and acts as a third-party administrator (TPA) to self-insured employers who provide healthcare benefits to their employees. Its products and services include Health Plan Administration services, Ancillary In-House services, and Third-Party Vendor services. Its Health Plan Administration services offering includes handling all aspects of administration related to a healthcare plan. Its In-House Ancillary Services are derived from its in-house products related to its role as the administrator of the clients' health plans. The Company typically design healthcare benefit plan for its client, which allows the client to define the coverage it would like to provide to its employees. The Company offers MarpaiRx, a national pharmacy benefit management program.
MARPAI, INC. 
