MedAvail Receives Nasdaq Notification Of Non-Compliance Related To Delayed Quarterly Report On Form 10-Q

Benzinga2023-11-18

MedAvail Holdings, Inc. (NASDAQ:MDVL) ("MedAvail" or the "Company"), an innovative pharmacy technology company, announced today that on November 16, 2023, the Company received a delinquency notification letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of its failure to have timely filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 with the Securities and Exchange Commission.

The delinquency notification letter provides that, under Nasdaq rules, the Company now has 60 calendar days to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq's listing requirements. If the Company's plan is accepted, Nasdaq may grant the Company up to 180 days, or until May 13, 2024, for the Company to regain compliance. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. The delinquency notification letter has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market.

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