Nasdaq sends CardioDynamics a noncompliance letter

CardioDynamics International, a provider of impedance cardiography technology, has received a Nasdaq staff deficiency letter April 15, from the Listing Qualifications Department indicating that its common stock continues not to meet the $1 minimum bid requirement set forth in Marketplace Rule.

Nasdaq had provided a second 180 calendar days, until April 15, to regain compliance with the $1 minimum bid requirement while listed on the Nasdaq Capital Market, the San Diego-based company said.

In anticipation that it would be unable to achieve the minimum bid price requirement by April 15, the Company said it filed definitive proxy material March 27, containing a proposal to effect a one for seven reverse stock split of the shares of its common stock to reduce the number of outstanding shares with the expectation that each share will trade at a higher price and therefore allow the company to regain compliance and remain listed on the Nasdaq Capital Market.

CardioDynamics said its proposal is subject to shareholder approval and is expected to become effective shortly after the company's annual meeting of shareholders scheduled to be held May 8.