Ontrak Announces Receipt of Notice from Nasdaq Regarding Scheduled Delisting of its 9.50% Series A Cumulative Perpetual Preferred Stock
MIAMI, October 16, 2023--(BUSINESS WIRE)--As previously announced, on April 13, 2023, Ontrak, Inc. (the "Company") received a letter from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company no longer meets the minimum bid price requirement set forth in Nasdaq Listing Rule 5555(a)(1) (the "Minimum Bid Price Requirement") because the closing bid price for the Company’s 9.50% Series A Cumulative Perpetual Preferred Stock (the "Preferred Stock") was less than $1.00 for the previous 30 consecutive business days. In accordance with Nasdaq listing rules, the Company was provided a 180-calendar day period, or until October 10, 2023, to regain compliance with the Minimum Bid Price Requirement by maintaining a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the 180-calendar day period. The Company did not regain compliance with the Minimum Bid Price Requirement before the 180-calendar day period expired.
On October 11, 2023, the Company received a letter from Nasdaq informing the Company that it is not eligible for a second 180-day compliance period within which to regain compliance with the Minimum Bid Price Requirement and that Nasdaq determined that the Preferred Stock will be scheduled for delisting from The Nasdaq Capital Market and will be suspended at the opening of business on October 20, 2023 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Preferred Stock from listing and registration on The Nasdaq Stock Market. The Company expects that following the suspension of trading of the Preferred Stock, trading of the Preferred Stock will thereafter occur in the over-the-counter OTC Markets system.
About Ontrak, Inc.
Ontrak, Inc. (NASDAQ: OTRK) is a leading AI and telehealth-enabled healthcare company, whose mission is to help improve the health and save the lives of as many people as possible. Ontrak identifies, engages, activates, and provides care pathways to treatment for the most vulnerable members of the behavioral health population who would otherwise fall through the cracks of the healthcare system. We engage individuals with anxiety, depression, substance use disorder and chronic disease through personalized care coaching and customized care pathways that help them receive the treatment and advocacy they need, despite the socio-economic, medical and health system barriers that exacerbate the severity of their comorbid illnesses. The company’s integrated intervention platform uses AI, predictive analytics and digital interfaces combined with dozens of care coach engagements to deliver improved member health, better healthcare system utilization, and durable outcomes and savings to healthcare payors.
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