YOKNEAM ILLIT, ISRAEL, Nov. 25, 2022 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS) (“Wearable Devices” or the “Company”) today announced that it has received a written notice (the “Notice”) from Nasdaq Stock Market LLC, stating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted 180 calendar days to restore compliance with the minimum offering price requirement. The Notice does not have an immediate effect on the Nasdaq listing of the Company or the trading of its common stock, and during the grace period, which may be extended, the common stock of the Company will continue to be traded on the Nasdaq Capital Market under the symbol “WLDS”.
According to the Notice, the Company has until May 22, 2023 to again comply with the minimum bid price requirement. The Company may reinstate compliance if, at any time during such 180-day period, the closing bid price for its common shares is at least $1.00 for at least ten consecutive business days, in which case the Company will receive written confirmation of compliance and this matter will be closed. In the event that the Company does not regain compliance after the initial 180 day period, then the Company may be eligible for an additional 180 day compliance period if it satisfies the continued listing requirement for the value trading of publicly held shares and all other listing standards for the Nasdaq Capital Market, except for the minimum bid price requirement. In this case, the Company must provide written notice of its intention to remedy the breach during the second compliance period.
The Company intends to monitor the closing bid price of its Common Shares and may, if appropriate, consider implementing available options to restore compliance with the minimum bid price requirement, including by a reverse stock split. If the Company cannot demonstrate compliance within the specified compliance time(s), Nasdaq staff will notify the Company that its common stock is subject to debarment.
About Wearable Devices Ltd.
Wearable Devices Ltd. (the “Company”), a growing company developing non-invasive neural input interface technology in the form of a wearable wristband to control digital devices using subtle finger movements. Our company’s vision is to create a world in which the user’s hand becomes a universal input device for contactless interaction with technology, and we believe our technology sets the standard input interface for the metaverse. . Since our technology was introduced to the market, we have been working with Business-to-Business and Business-to-Consumer clients as part of our push-pull strategy. Combining our own proprietary sensors and artificial intelligence, or AI, algorithms in a sleek wristband, our Mudra platform allows users to control digital devices through subtle finger movements and hand gestures, without touch or physical contact. . For more information, visit https://www.wearabledevices.co.il/.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to cover by the “safe harbor” created by these sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe”, “s ‘expect’, ‘may’, ‘should’, ‘could’, ‘seek’, ‘intend’, ‘plan’, ‘target’, ‘estimate’, ‘anticipate’ or other comparable terms For example, the Company uses forward-looking statements in this press release when discussing the return to compliance with Nasdaq’s continuous listing requirements, and the timing and effect thereof. other than statements of historical fact Statements included in this press release regarding our strategies, outlook, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Accordingly, you should not rely on any such forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those set forth in the forward-looking statements include, among others, the following: our ability to successfully market our products and services; customer acceptance of our products and services; our continued ability to pay operating costs and our ability to meet demand for our products and services; the extent and nature of competition from other security and telecommunications products and services; the effects of developments in the cybersecurity and telecoms markets; our ability to successfully develop new products and services; our success in establishing and maintaining collaborative agreements, strategic alliances, licensing and supplier agreements; our ability to comply with applicable regulations; and other risks and uncertainties described in the preliminary prospectus dated September 30, 2022 and our other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update publicly any forward-looking statements, written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investor Relations
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
wearablesdevices@imsinvestorrelations.com
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