In a startling turn of events, shares of Helius Medical (HSDT) plunges 76.66% in premarket trading this morning, falling from $3.17 to just $0.74. The drop came just a day after the neurotech company announced it had regained compliance with Nasdaq’s minimum bid price rule – but warned it still must meet equity requirements by June 30 to remain listed.
Despite recent progress, including a major reimbursement win from United Healthcare and promising clinical results for its PoNS Device, investor sentiment soured quickly. The looming risk of delisting from the Nasdaq has created a cloud of uncertainty, triggering a sharp sell=off.
Helius, which focuses on therapies for neurological conditions like multiple sclerosis and stroke, had a market cap of just $2.21 million as of late May. With trailing 12-month revenue at only $434,000, investors appear increasingly concerned about the company’s financial runway, despite a reported $6.4 million in cash and no debt as of mid-2024.
With less than a month to meet Nasdaq’s equity standards, Helius is at a critical crossroads. The company’s survival and investor trust are now hinging on swift action to regain stability and keep its listing.
