Sonendo, Inc. (NYSE: SONX) shares exhibited a remarkable surge of 37.97% to reach a closing price of $0.44 in the pre-market session today. It appears that Sonendo’s shares have rebounded convincingly following the regular session’s substantial decline of 55.68%, which culminated in a closing value of $0.3200.
The decline in SONX stock was precipitated by the issuance of a compliance notice by the New York Stock Exchange (NYSE) due to its minimum price non-compliance.
Sonendo (SONX) was alerted by the New York Stock Exchange (NYSE) on September 28, 2023, about its failure to meet NYSE’s stock price standards. The mean ending value of SONX ordinary equity, assessed at $0.001 per unit, dipped under $1.00 per unit for a continuous span of 30 trading days.
Nevertheless, this notification does not promptly result in SONX’s removal from the NYSE. SONX plans to respond within 10 business days, aiming to rectify the issue within a six-month grace period.
SONX can regain compliance if the closing share price is at least $1.00 on the last trading day of any calendar month during this period. SONX Common Stock will continue to be listed and traded on the NYSE during this time, provided they meet other NYSE listing standards. Importantly, this notice doesn’t impact Sonendo’s business, operations, or SEC reporting obligations.
Sonendo has recently introduced its second-generation CleanFlow Procedure Instrument, featuring an improved design and enhanced matrix system to enhance the efficiency of the GentleWave Procedure.
This redesigned matrix ensures a more secure and lasting seal, simplifying root canal treatments and improving the patient experience. These updates enable dentists to use one instrument for all teeth.
The CleanFlow Procedure Instrument, with its new matrix, offers unmatched consistency and ease of use, delivering reliable disinfection and excellent clinical results. In a recent development, Sonendo (SONX) expanded the instrument’s indications to include anterior teeth, replacing the legacy APM Procedure Instrument.
This underscores their commitment to ongoing product refinement and innovation, enhancing both the clinician and patient experiences. These advancements are expected to support SONX’s stock price recovery to comply with listing rules.
