Reverse Stock Split Proposal to Remedy
SAN DIEGO, April 18 /PRNewswire-FirstCall/ -- CardioDynamics International Corporation (Nasdaq: CDIC), the innovator and leader of impedance cardiography (ICG) technology, today announced that, as anticipated, it received a Nasdaq Staff Deficiency Letter on April 15, 2008, from the Listing Qualifications Department indicating that the Company's common stock continues not to meet the $1.00 minimum bid requirement set forth in Marketplace Rule 4310(c)(4).
The current Nasdaq letter follows the previously-reported receipt of a letter from Nasdaq, on April 18, 2007, noting non-compliance with the minimum bid price requirement set forth in Marketplace Rule 4450(a)(5) and transfer of the Company's common stock from the Nasdaq Global Market on October 25, 2007. Upon transfer to the Nasdaq Capital Market, the Company was provided a second 180 calendar days, until April 15, 2008, to regain compliance with the $1.00 minimum bid requirement while listed on the Nasdaq Capital Market.
In anticipation that it would be unable to achieve the minimum bid price requirement by April 15, 2008, the Company filed definitive proxy material on March 27, 2008, containing a proposal to effect a one for seven reverse stock split of the shares of its common stock to reduce the number of outstanding shares with the expectation that each share will trade at a higher price and therefore allow the Company to regain compliance and remain listed on the Nasdaq Capital Market. The proposal is subject to shareholder approval and is expected to become affective shortly after the Company's annual meeting of shareholders scheduled to be held on May 8, 2008.
Michael K. Perry, CardioDynamics Chief Ex
|SOURCE CardioDynamics International Corporation|
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