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Nasdaq grants PhotoMedex extension to regain compliance

PhotoMedex Inc. said Nasdaq Stock Market LLC has given the company until March 10 to comply with the minimum stockholder equity listing requirement.

On Nov. 18, 2016, the company received a notice of noncompliance from the stock exchange after its reported stockholder equity for the period ended Sept. 30, 2016, failed to reach the minimum requirement of $2.5 million.

Nasdaq initially gave the company 45 days, or until Jan. 2, to submit a plan to regain compliance. The plan was filed with Nasdaq on Jan. 10, under a one-week extension due to the holiday period.

PhotoMedex is required to submit a report showing it achieved compliance by disclosing, among others, a description of the completed transaction or event that allowed it to satisfy the stockholders' equity requirement for continued listing on the Nasdaq Capital Market.