Wearable Devices (WLDS) said late Friday it has received a notification from Nasdaq stating that the company isn't in compliance with the exchange's minimum stockholders' equity requirement due to its failure to keep a minimum of $2.5 million in shareholders' equity.
The company said that in its Report of Foreign Private Issuer on Form 6-K dated Sept. 23, 2024, it reported shareholders' equity of about $1.7 million as of June 30 last year.
Wearable Devices said it expects to be able to show compliance with the Nasdaq rule as of Dec. 31, 2024, following the proceeds received under a standby equity purchase agreement with YA II PN as well as the company's registered direct offering and simultaneous private placement in November 2024.
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