Redwood City, CA-based Cardica (NASDAQ: CRDC) faces possible NASDAQ delisting because it doesn't meet the $50 million minimum market value.
The company received received a letter from the NASDAQ stock market June 21, according to an SEC filing. The company has the standard six-month grace period--until Dec. 20--to regain compliance. If at anytime during this grace period Cardica's market value of listed securities closes at $50 million or more for a minimum of 10 consecutive business days, NASDAQ will provide the company with confirmation of compliance, and the matter will be closed.
Cardica designs and manufactures proprietary stapling devices for surgical procedures, according to the company website. Its stapling technology is designed to minimize operating time and to enable minimally-invasive and robot-assisted surgeries.
Cardica stock closed Friday at $1.66, down a penny, the San Francisco Business Times notes.