Summary by Futu AI
Marpai, Inc., a leading national Third-Party Administration (TPA) company, has been granted an extension by the Nasdaq Hearings Panel to meet the continued listing requirements on The Nasdaq Capital Market. The extension, announced on March 13, 2024, allows Marpai until May 28, 2024, to comply with the Market Value of Listed Securities (MVLS) requirement of $35,000,000 or to meet alternative requirements. This decision follows a notification from Nasdaq on May 31, 2023, that Marpai's MVLS was below the minimum required for continued listing. Marpai was initially given until November 27, 2023, to regain compliance but failed to meet this deadline, leading to a delisting notice. The company requested a hearing and presented its compliance plan on February 22, 2024. CEO Damien Lamendola expressed confidence in Marpai's plan to raise equity, improve operational efficiencies, and drive growth to regain compliance. However, there is no guarantee that Marpai will meet the new deadline or maintain its listing status.