Surgalign announces receipt of Nasdaq deficiency notice

Surgalign announced that on April 10, 2023, it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that it is no longer in compliance with the $10 million minimum stockholders’ equity requirement for continued listing on the NASDAQ Global Select Market under Nasdaq Listing Rule 5450(b)(1)(A). The notification letter further indicated that the Company does not meet alternative standards set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Global Select Market. This notification has no immediate effect on the Company’s listing or in the trading of its Company’s common stock on the Nasdaq. Under Nasdaq rules, the Company has 45 calendar days to submit a plan to regain compliance which may include, among other things, an application to transfer its common stock listing to the NASDAQ Capital Market. The Company intends to submit to Nasdaq on or before May 25, 2023 a plan to regain compliance.