Ontrak Announces Receipt of Notice from Nasdaq Regarding Non-Compliance of its 9.50% Series A Cumulative Perpetual Preferred Stock with Minimum Bid Price Requirement
14 Abril 2023 - 5:05PM
Business Wire
On April 13, 2023, Ontrak, Inc. (the “Company”) received a
letter (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”)
indicating that the Company no longer meets the minimum bid price
requirement set forth in Nasdaq Listing Rule 5555(a)(1) (the
“Minimum Bid Price Requirement”) because the closing bid price for
the Company’s 9.50% Series A Cumulative Perpetual Preferred Stock
(the “Preferred Stock”) was less than $1.00 for the previous 30
consecutive business days. The Notice has no immediate effect on
the listing of the Company’s Preferred Stock on The Nasdaq Global
Market.
Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
180-calendar day grace period, or until October 10, 2023 (the
“Compliance Date”), to regain compliance with the Minimum Bid Price
Requirement. The Minimum Bid Price Requirement will be met if the
Company’s Preferred Stock has 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 such 10-day period. If the Company does
not regain compliance by the Compliance Date, the Company may be
eligible for an additional 180-calendar day compliance period,
subject to satisfying the conditions in the applicable Nasdaq
Listing Rules. The Company is monitoring the closing bid price of
its Preferred Stock and will consider options to regain compliance
with the Minimum Bid Price Requirement. However, there can be no
assurance that the Company will be able to regain compliance with
the Minimum Bid Price Requirement.
The Series A Preferred Stock trades on NASDAQ Global Market
under the symbol “OTRKP.”
About Ontrak, Inc.
Ontrak, Inc. is a leading AI and telehealth-enabled healthcare
company, whose mission is to help improve the health and save the
lives of as many people as possible. Ontrak identifies, engages,
activates, and provides care pathways to treatment for the most
vulnerable members of the behavioral health population who would
otherwise fall through the cracks of the healthcare system. We
engage individuals with anxiety, depression, substance use disorder
and chronic disease through personalized care coaching and
customized care pathways that help them receive the treatment and
advocacy they need, despite the socio-economic, medical and health
system barriers that exacerbate the severity of their comorbid
illnesses. The company’s integrated intervention platform uses AI,
predictive analytics and digital interfaces combined with dozens of
care coach engagements to deliver improved member health, better
healthcare system utilization, and durable outcomes and savings to
healthcare payors.
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Investor Relations Investors@ontrakhealth.com
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