Nuwellis (Nasdaq:NUWE) announced that it has received notice from the Nasdaq Market that it has reinstated compliance with certain requirements.
Minneapolis-based Nuwellis received a 180-day extension from Nasdaq last month to regain compliance. That followed a 180-day period in which the company failed to do so.
Nasdaq has given the company until May 29, 2023 for its common stock to close at or above $1 for 10 consecutive business days. NUWE shares closed at $6.67 apiece yesterday. The market has issued a formal notice to Nuwellis that it proves it is fully compliant with the minimum bid price requirement.
The company said the matter is now closed, according to a news release.
Nuwellis focused on the development, manufacturing and commercialization of its Aquadex SmartFlow system for ultrafiltration therapy. It previously operated under the name “CHF Solutions”. The company rebranded to Nuwellis in April 2021.
The company describes Aquadex SmartFlow as a simple, flexible and intelligent method of removing excess fluid from patients suffering from hypervolemia (fluid overload).
Recent company news includes $11 million raised in an October public offering. It also called and adjourned a shareholder meeting earlier this month after failing to secure a quorum. The Fluid Congestion Treatment developer held its meeting on December 7 without any business due to lack of a quorum.