ENvue Medical Inc. (NASDAQ:FEED) shares fell 23.20% to $0.79 in after-hours trading Tuesday after the company announced that the Nasdaq Hearings Panel denied its request for continued listing on the Nasdaq Capital Market.
ENvue Medical is a medical technology company focused on enteral feeding and therapeutic ultrasound solutions.
OTC Market Move
The company said trading of its common stock will be suspended and will begin on the OTC Markets under the same “FEED” ticker on Sept. 16.
ENvue Medical said the Panel’s decision does not affect its business operations, products, customers or ongoing commercial activities. The company remains focused on commercializing its ENvue Navigation System and broader portfolio, including PainShield and UroShield.
CEO Doron Besser said the company was disappointed with the decision but remains focused on its customers, products and commercial strategy.
ENvue Medical said it is evaluating available procedures and alternatives under Nasdaq Listing Rules, including a further appeal. The company intends to provide additional information regarding the Nasdaq process and trading status as appropriate.
Trading Metrics
ENvue Medical has a market capitalization of $951.43 thousand.
The stock has a 52-week high of $73.08 and a 52-week low of $0.84.
ENvue Medical shares are down 98.88% over the past year.
Benzinga’s Edge Stock Rankings show a negative price trend across the short-, medium- and long-term time frames.
Price Action: In the regular session, the stock fell 69.25% to close at $1.03, according to Benzinga Pro data.
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