Ontrak non-compliant with minimum bid price of 9.5% preferreds

By Wendy Van Sickle

Columbus, Ohio, Dec. 9 – Ontrak, Inc. received a letter from the Nasdaq Stock Market LLC stating the company no longer meets the minimum bid price requirement because the closing bid price for its 9.5% series A cumulative perpetual preferred stock was less than $1.00 for the previous 30 consecutive business days, according to a news release.

The notice has no immediate effect on the listing of the preferreds on the Nasdaq Global Market.

Ontrak has a 180-calendar day grace period, or until June 5, 2023, to regain compliance with the requirement, which will be met if the preferreds have a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the 180-calendar day grace period, unless Nasdaq exercises its discretion to extend the 10-day period.

If the company does not regain compliance by June 5, 2023, it may be eligible for an additional 180-calendar day compliance period, subject to conditions. Ontrak said it is monitoring the closing bid price of the preferreds and will consider options to regain compliance with the minimum bid price requirement.

Ontrak is a Santa Monica, Calif.-based medical technology company.

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