Aesthetic Medical to request hearing before Nasdaq Hearings Panel

Aesthetic Medical announced that it will request a hearing before the Nasdaq Hearings Panel as the next step in the process in seeking an extension to satisfy the minimum bid price requirement set forth in Nasdaq Listing Rule 5550 for continued listing on Nasdaq. Reference is made to the form 6-K of the company filed with the SEC on September 8, 2023 in relation to the letter the company received from the staff of Nasdaq notifying that, as of September 5, 2023, the company’s securities had a closing bid price less than $1.00 per share for more than 30 consecutive trading days, which is not in compliance with the minimum bid price requirement as set forth under Nasdaq Listing Rule 5550 for continued listing on Nasdaq. The company was provided a 180-calendar day grace period to regain compliance pursuant to Nasdaq Listing Rule 5810. On March 6, the company received a notification letter from the staff of Nasdaq stating that, the company has not regained compliance with the minimum bid price rule within the 180-calendar day grace period and is not eligible for a second 180-calendar day grace period. Accordingly, the staff had determined to delist the company’s securities from Nasdaq unless the company requests a hearing no later than 4:00 p.m. Eastern Time on March 13, 2024. The company intends to timely submit the request for a hearing. This request will ordinarily stay any further action by the staff and the company’s securities are expected to continue to be eligible to trade on Nasdaq at least pending the ultimate conclusion of the hearing process.