NEW YORK — LumiraDx said on Tuesday that it has been notified by the Nasdaq that its shares are out of compliance with the stock exchange's $1 minimum bid price requirement.
According to LumiraDx, the closing price of its common shares on the Nasdaq was below $1 for 30 consecutive trading days, setting the stock up for delisting. The UK-based point-of-care diagnostics maker said it has until July 26 to regain compliance with the requirement, which involves the stock closing at or above $1 for at least 10 consecutive trading days.
LumiraDx said that it will monitor the closing bid price of its shares and evaluate its options to regain compliance with the Nasdaq listing requirement.
In November, LumiraDx reported a 61 percent year-over-year drop in third quarter revenues and said that it had begun a restructuring plan designed to save around $18 million a quarter.
During early Wednesday morning trading, shares of LumiraDx were up almost 0.5 percent to $.94.