Nuwellis (Nasdaq:NUWE) announced that it received notice from the Nasdaq market that it regained compliance with certain requirements.
Minneapolis-based Nuwellis last month received a 180-day extension from Nasdaq to regain compliance. That followed a 180-day period in which the company failed to do so.
Nasdaq granted the company time until May 29, 2023, to get its common shares to close at or above $1 for 10 consecutive business days. Shares of NUWE closed yesterday at $6.67 apiece. The market sent Nuwellis formal notice that it evidenced full compliance with the minimum bid price requirement.
The company advised that the matter is now closed, according to a news release.
Nuwellis has focused on developing, manufacturing, and commercializing its Aquadex SmartFlow system for ultrafiltration therapy. It formerly operated under the name “CHF Solutions.” The company rebranded to Nuwellis in April 2021.
The company describes Aquadex SmartFlow as a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload).
Recent news for the company includes $11 million raised in a public offering in October. It also earlier this month convened and adjourned its meeting of stockholders due to a failure to reach a quorum. The fluid overload treatment developer held the meeting on Dec. 7 without any business conducted due to the lack of quorum.