CHF Solutions Inc., formerly known as Sunshine Heart Inc., received a notice of compliance from Nasdaq for failing to comply with the $1 minimum bid price requirement for 30 consecutive business days.
CHF Solutions has 180 days, or until Nov. 28, to regain compliance with the listing rule. If the company's closing bid price reaches $1 or more for a minimum of 10 consecutive business days, it may regain compliance before the deadline.
If it fails to comply on the initial period, CHF Solutions may be granted another 180 days if it meets the minimum market value of publicly held shares standard and other initial listing standards of the exchange.
CHF Solutions must also provide Nasdaq a written notice of its plans to cure the deficiency, such as the implementation of a reverse stock split if necessary.