LumiraDx Limited (NASDAQ:LMDX)(the "Company") today announced that it has received notification from The Nasdaq Stock Market LLC ("Nasdaq") that its securities will be suspended from trading at the open of business on January 9, 2024 as a result of the Company's failure to maintain compliance with Nasdaq's continued listing standards.
As previously disclosed, on October 24, 2023, the Company received a notice from Nasdaq's Listing Qualifications Department (the "Staff") stating that the Company's securities were subject to delisting from The Nasdaq Global Market due to a failure to maintain compliance with the minimum bid price requirement of Nasdaq's continued listing standards. The Company appealed the Staff's determination and a hearing was scheduled for January 18, 2024.
On December 29, 2023, the Company announced the appointment of joint administrators for two of its subsidiaries, LumiraDx Group Limited and LumiraDx International Limited, which together hold substantially all of the assets of the LumiraDx group. The administrators have signed a definitive agreement to sell certain companies of the LumiraDx group related to LumiraDx's innovative point of care technology to Roche. In light of these events, on December 29, 2023, the Company's Board of Directors approved the withdrawal of the Company's appeal in anticipation of the delisting of the Company's securities from Nasdaq.
On January 5, 2024, the Company received a letter from Nasdaq confirming the Company's withdrawal of its appeal and stating that Nasdaq intends to suspend the Company's securities from trading at the open of business on January 9, 2024 and will file a Form 25 with the U.S. Securities and Exchange Commission when all internal procedural periods have run.