Business Context and Reporting Period
Hyperfine, Inc. filed this Form 8-K on May 31, 2024, reporting an event dated May 29, 2024. The company’s Class A common stock trades on The Nasdaq Global Market under the symbol HYPR.
Material Listing-Status Change
Nasdaq notified Hyperfine that it no longer satisfies Nasdaq Listing Rule 5450(a)(1), because its closing bid price was below $1.00 per share for 30 consecutive business days.
- The notice has no immediate effect on the listing or trading of HYPR.
- The company’s business operations and SEC reporting obligations are not affected by the notice.
- Hyperfine has until November 25, 2024, to regain compliance.
- Compliance generally requires a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days, subject to possible Nasdaq discretion.
Financial Metrics and Liquidity
This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating financial metrics.
Outlook, Risks, and Contingencies
Hyperfine stated that it intends to monitor its closing bid price and consider available options to regain compliance. If it does not regain compliance by the initial deadline, it may be eligible for an additional 180-calendar-day compliance period by transferring its listing to The Nasdaq Capital Market and satisfying applicable market-value and other initial listing requirements, excluding the bid-price requirement.
If the company cannot cure the deficiency, Nasdaq may issue a delisting notice. Hyperfine could appeal a delisting determination to a Nasdaq Hearings Panel, but the filing states there is no assurance that an appeal would be successful or that Nasdaq would grant an additional extension.
Investor Verification Items
- Monitor HYPR’s closing bid price and whether it reaches at least $1.00 for the required compliance period.
- Verify whether Hyperfine regains compliance by November 25, 2024.
- Check for any request or approval involving an additional compliance period or transfer to The Nasdaq Capital Market.
- Review subsequent SEC filings and Nasdaq notices for any delisting determination, appeal, reverse stock split, or other remediation action.