Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On April 3, 2023, Nemaura Medical Inc. (the "Company") received a written notice
(the "MVLS Notice") from the Nasdaq Listing Qualification Department (the
"Nasdaq Staff") indicating that the Company is not in compliance with the $35
million minimum market value of listed securities requirement set forth in
Nasdaq Listing Rule 5550(b)(2) for continued listing on the Nasdaq Capital
Market. The notification of noncompliance has no immediate effect on the listing
or trading of the Company's common stock on the Nasdaq Capital Market under the
symbol "NMRD," and the Company is currently monitoring the market value of its
listed securities and evaluating its alternatives, if appropriate, to resolve
the deficiency and regain compliance with this rule.
The Nasdaq Listing Rules (the "Rules") require listed securities to maintain a
minimum market value of listed securities ("MVLS") of $35 million and, based on
the Nasdaq Staff's review of the Company's MVLS for the last 30 consecutive
business days, the Company no longer meets this requirement. However, the Rules
also provide the Company a compliance period of 180 calendar days, or until
October 2, 2023, in which to regain compliance. If at any time during this
compliance period the Company's MVLS closes at $35 million or more for a minimum
of 10 consecutive business days, the Nasdaq Staff will provide the Company
written confirmation of compliance and this matter will be closed. There can be
no assurance that the Company will be able to regain compliance with the MVLS
requirement, even if it maintains compliance with the other listing
requirements.
On April 7, 2023, the Company received written notice (the "Bid Price Notice")
from the Nasdaq Staff indicating that the Company is not in compliance with the
$1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2)
for continued listing on the Nasdaq Capital Market. The notification of
noncompliance has no immediate effect on the listing or trading of the Company's
common stock on the Nasdaq Capital Market under the symbol "NMRD," and the
Company is currently monitoring the closing bid price of its common stock and
evaluating its alternatives, if appropriate, to resolve the deficiency and
regain compliance with this rule.
The Nasdaq Listing Rules require listed securities to maintain a minimum bid
price of $1.00 per share and, based upon the closing bid price for the last 30
consecutive business days, the Company no longer meets this requirement. The Bid
Price Notice indicated that the Company will be provided 180 calendar days, or
until October 3, 2023, in which to regain compliance. If at any time during this
period the bid price of the Company's common stock closes at or above $1.00 per
share for a minimum of 10 consecutive business days, the Nasdaq Staff will
provide the Company with a written confirmation of compliance and the matter
will be closed.
Alternatively, if the Company fails to regain compliance with Rule 5550(a)(2)
prior to the expiration of the 180 calendar day period, but meets the continued
listing requirement for market value of publicly held shares and all of the
other applicable standards for initial listing on the Nasdaq Capital Market,
with the exception of the minimum bid price, and provides written notice of its
intention to cure the deficiency during the second compliance period by
effecting a reverse stock split, if necessary, then the Company may be granted
an additional 180 calendar days to regain compliance with Rule 5550(a)(2).
There can be no assurance that the Company will be able to regain compliance
with the Bid Price requirement, even if it maintains compliance with the other
listing requirements. The Company is considering actions that it may take in
response to the Bid Price Notice in order to regain compliance with the
continued listing requirements, but no decisions regarding a response have been
made at this time.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document© Edgar Online, source Glimpses
NEMAURA MEDICAL INC. 
