Lombard Medical, Inc. (NASDAQ:EVAR) Receives NASDAQ Notice of Bid Price Deficiency, How Will the Market Respond?

Medical device company focused on Endovascular Repair of abdominal aortic aneurysms, Lombard Medical, Inc. (NASDAQ:EVAR), has received a notice from NASDAQ indicating the company is not in compliance with the minimum bid price.

OXFORDSHIRE, United Kingdom, Nov. 15, 2016 (GLOBE NEWSWIRE) — Lombard Medical, Inc. (EVAR), a medical device company focused on Endovascular Repair (EVAR) of abdominal aortic aneurysms (AAAs), reported that on November 9, 2016, it received a NASDAQ Staff Deficiency Letter indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5450(a)(1) which requires listed securities to maintain a minimum bid price of $1.00 per share.

The NASDAQ notice has no immediate effect on the listing or trading of Lombard’s common stock on the NASDAQ Stock Market.

According to the letter from NASDAQ, Lombard has a grace period of 180 calendar days, starting November 9, 2016, to regain compliance with the minimum bid price requirement.  Lombard can regain compliance if, at any time before the grace period ends, the bid price of its ordinary shares closes at or above $1.00 per share for a minimum of ten (10) consecutive business days.  If Lombard cannot demonstrate bid price compliance by the end of the 180 day grace period, the Company may become eligible for an additional 180 day grace period if the Company meets NASDAQ’s initial listing standards with the exception of the minimum bid price requirement.

About Lombard Medical, Inc.

Lombard Medical, Inc. is an Oxfordshire, UK based medical device company focused on the $1.8bn market for minimally invasive treatment of abdominal aortic aneurysms (AAAs).  The Company has global regulatory approval for Aorfix™, an endovascular stent graft which has been specifically designed to treat patients with the broadest range of AAA anatomies, including aortic neck angulation up to 90 degrees.  The Company has also achieved CE Mark for the Altura™ endograft system, an innovative ultra-low profile endovascular stent graft that offers a simple and predictable solution for the treatment of more standard AAA anatomies.  For more information, please visit www.lombardmedical.com.

Forward-Looking Statements

This announcement contains forward-looking statements that reflect the Company’s current expectations regarding future events.  These forward-looking statements generally can be identified by the use of words or phrases such as “believe,” “expect,” “future,” “anticipate,” “look forward to,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “outlook,” “potential,” “optimistic,” “confidence,” “continue,” “evolve,” “expand,” “growth” or words and phrases of similar meaning. Statements that describe objectives, plans or goals also are forward-looking statements.  Forward-looking statements are subject to risks, management assumptions and uncertainties.  Actual results could differ materially from those projected herein and depend on a number of factors, including the success of the Company’s research and development and commercialization strategies, the uncertainties related to the regulatory process and the acceptance of the Company’s products by hospitals and other medical professionals, the uncertainty of estimated revenues and profits, the uncertainty of current domestic and international economic conditions that could adversely affect the level of demand for the Company’s products and increased volatility in foreign exchange rates, the inability to raise additional funds, and the risks, uncertainties and other factors described under the heading “Risk Factors” in the Company’s Form 20-F filed with the Securities and Exchange Commission.  Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements included herein are made only as of the date of this report and the Company undertakes no obligation to update these statements in the future.

Original Source


Lombard Medical, Inc. (NASDAQ:EVAR) shares have moved +26.92% on the news thus far today and have traded in the range of $0.65 – 0.90 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $1.00 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  The sell-side analysts are projecting earnings per share of $-0.24 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-1.42 per share according to First Call.

Are Shares of Lombard Medical, Inc. (NASDAQ:EVAR) Ready to Explode?  Sign up to our Newsletter to be the First to Know

Sign up to get our Free Penny Stock Picks Before the Street!

In looking at where the stock is trading on a technical level, the stock is trading -2.17% away from its 50-day moving average of $0.82.  Based on the most recent available data, the equity is -58.76% off of its 52-week high of $1.94 and +45.45% away from its 52-week low which is $0.55.

Today, the stock opened at $0.65 and the last bid at the time of writing stood at $0.80.  During the session thus far, the equity dipped down to $0.65 and touched $0.90 as the high point.  Lombard Medical, Inc. (NASDAQ:EVAR) has a market cap of $15.91B and has seen an average daily volume of 72,550 over the past three months.

Sign Up to Receive Breaking Alerts on Stocks That Are Primed to Make a Run in the Bar Below.

Sign up to get our Free Penny Stock Picks Before the Street!

Disclaimer: The advice provided on this website is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.  Where quoted, past performance is not indicative of future performance.

Related posts

Leave a Comment