Stock Update (NASDAQ:AMDA): Amedica Corporation Granted 180-Day Extension by NASDAQ to Regain Compliance With Minimum Bid Price Rule
Amedica Corporation (NASDAQ:AMDA), an innovative biomaterial company which develops and manufactures silicon nitride as a platform for biomedical applications, announced today that on August 19, 2015, it received a notification from the NASDAQ Stock Market indicating that the Company will have an additional 180-day grace period, until February 15, 2016 to regain compliance with NASDAQ’s $1.00 minimum bid requirement. The notification indicated that the Company did not regain compliance during the initial 180-day grace period provided under the rule. In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company is eligible for the additional grace period because it meets the initial listing requirements for the NASDAQ Capital Market except for the bid price and provided written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
The NASDAQ letter does not impact Amedica’s listing on The NASDAQ Capital Market at this time and Amedica’s common stock will continue to trade under its current symbol “AMDA” during the additional 180-day compliance period.
The Company can regain compliance by maintaining a minimum closing bid price of $1.00 per share for 10 consecutive business days. If Amedica does not meet the minimum bid requirement during the 180-day grace period, NASDAQ will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company can ask NASDAQ for a hearing to present a plan to regain compliance. (Original Source)
Shares of Amedica Corp. closed yesterday at $0.4834. AMDA has a 1-year high of $3.43 and a 1-year low of $0.20. The stock’s 50-day moving average is $0.55 and its 200-day moving average is $0.48.
On the ratings front, Needham analyst Michael Matson maintained a Buy rating on AMDA, with a price target of $1, in a report issued on August 14. The current price target represents a potential upside of 108.3% from where the stock is currently trading. According to TipRanks.com, Matson has a total average return of 7.9%, a 61.9% success rate, and is ranked #524 out of 3741 analysts.
Amedica Corporation is a commercial-stage biomaterial company. It is engaged in using its silicon nitride technology platform to develop, manufacture & commercialize medical devices. Its products include valeo interbody fusion devices & facet fixation.