Eargo, Inc.: Nasdaq/NYSE listing notice — Eargo receives Nasdaq non-compliance notices for bid price and stockholders' equity

Eargo, Inc.

Nasdaq notified Eargo on Nov 17, 2022 of bid price below $1.00 for 30 consecutive days, violating Listing Rule 5450(a)(1).
Company has 180 days until May 16, 2023 to regain compliance; must close at $1.00+ for 10 consecutive business days.
Also cited on Nov 15, 2022 for stockholders' equity of ($36.3M), below $10M minimum, violating Nasdaq Rule 5450(b)(1)(A).
Eargo intends to effect a reverse stock split (authorized up to 1-for-50) to address bid price deficiency by the compliance date.
Company plans to submit a compliance plan to Nasdaq by December 30, 2022 regarding equity deficiency.

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 0.95

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, the Company received a letter from 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. The Company intends to submit a plan to regain compliance to Nasdaq by no later than December 30, 2022. Forward-Looking Statements This Current Repor

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Eargo, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5450(a)(1)

Exact text from the filing

November 17, 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 common stock (the “Common Stock”) had closed below Nasdaq’s $1.00 per share minimum bid price requirement for 30 consecutive business days, the Company no longer complies with Nasdaq Listing Rule 5450(a)(1) for continued listing. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days, or until May 16, 2023 (the “Compliance Date”), to regain compliance. If at any

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Source: SEC EDGAR

accession 0001140361-22-042311

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