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October 22, 2024

Following delisting, CT biotech granted 5-month grace period by Nasdaq

Contributed BioSig Technologies Inc. develops medical technology like the Pure EP, which measures cardiac signals.
By David Krechevsky

After being delisted this summer, Westport-based BioSig Technologies said Tuesday it has been granted at least a five-month reprieve to continue trading on the Nasdaq stock market.

According to a filing with the U.S. Securities and Exchange Commission, BioSig received a decision from the Nasdaq Listing and Hearing Review Council on Oct. 18 granting it a grace period until March 7, 2025, to regain compliance with Nasdaq listing rules, which require companies to maintain a market value of listed securities of at least $35 million.

The SEC filing also states that, on Oct. 21, BioSig was notified that its common stock, which trades under the symbol BSGM, will resume trading on the Nasdaq Stock Market on Oct. 23.

The company, which is based at 55 Greens Farms Road in Westport and develops signal-processing equipment that can diagnose heart malfunctions, had been informed on June 10 that its stock would be delisted due to the company’s “continued non-compliance with the minimum stockholders’ equity requirement” set by the market.

Trading in the company’s common stock was subsequently suspended on June 12, though Nasdaq said at the time that the stock “should be eligible” to trade on the over-the-counter market’s “Pink Current Information tier,” or OTCPK.

As of Tuesday, the stock was trading on the OTCPK at 51 cents per share, according to Yahoo Finance, which also set BioSig’s market capitalization at $8.3 million.

The delisting came about a month after BioSig conducted a $3 million registered direct offering of nearly 1.6 million shares of its common stock at a purchase price of $1.91 per share, and a concurrent private placement of unregistered warrants to purchase up to approximately 1.6 million shares of common stock at an exercise price of $1.78 per share. 

BioSig said the gross proceeds from the offering were approximately $3 million, before deducting fees and other expenses. It said it intended to use the net proceeds for working capital and general corporate purposes.

The company has not reported its financial results for the second or third quarters of 2024. For the first quarter, it reported a net loss attributable to common shareholders of $3.54 million, or 36 cents per diluted share, an improvement from a loss of $7.33 million, or $1.19 per diluted share, in the first quarter a year earlier.

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