CAS Medical Systems Inc. scored some breathing room with the Nasdaq from its recent $15 million capital raise, but the Branford medical device maker remains on a short leash with Nasdaq, a regulatory filing shows.
CAS Med announced earlier this month that it was facing delisting from Nasdaq’s Global Markets index after its shareholder equity fell below the minimum $10 million threshold.
It had 45 days to file a plan with Nasdaq for how it intended to boost capital levels.
But its issuance of stock that netted $13.7 million, raising its capital well above Nasdaq’s required minimum, CAS Med said Wednesday in an 8-K filing with the Securities and Exchange Commission.
CAS Med said in the filing that it has been informed that Nasdaq will continue to monitor its ongoing compliance with the stockholders’ equity requirement.
