Eargo, Inc.: Nasdaq/NYSE listing notice — Eargo gets Nasdaq delisting notice for negative equity; rights offering planned

Eargo, Inc.

Stockholders' equity of -$36.3M as of Sept. 30, 2022 fails Nasdaq's $10M minimum for Global Market.
Company has 45 days to submit a compliance plan; expects to do so within the period.
Rights offering at $0.50/share for up to 375M shares, closing by Nov. 25, 2022, to repay/convert debt and boost equity.
If plan is accepted, Nasdaq may grant up to 180 days to regain compliance.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Eargo, Inc. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5450(b)(1)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5450(b)(1)(A)

Exact text from the filing

November 15, 2022, Eargo, Inc. (the “Company”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, since the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2022 reported stockholders’ equity of ($36,324,000), the Company no longer complies with Nasdaq Listing Rule 5450(b)(1)(A), which provides that companies listed on the Nasdaq Global Market are required to maintain a minimum of $10,000,000 in stockholders’ equity for continued listing. Under the Nasdaq Listing Rules, the Company has 45 calendar

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Source: SEC EDGAR

accession 0001140361-22-041911

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