Utah's Dynatronics regains Nasdaq compliance
Dynatronics Corp., which is based in Salt Lake City, said it has received notification from Nasdaq that it has regained compliance with the $1 minimum bid requirement for listing on the exchange.
Last month, shareholders of Dynatronics approved a one-for-five reverse split of the company's shares, which at the time were trading below $1.
"In the 12 days since the reverse split was effective, we have seen record trading volumes in our stock with over 1.6 million shares changing hands," Kelvyn H. Cullimore Jr., president and chairman, said in a statement. "This represents more than 65 percent of our total shares outstanding. By curing the minimum bid deficiency we have not only removed the threat of delisting from the Nasdaq exchange, but we have increased the visibility of our stock among investors."
Dynatronics manufacturers and markets medical equipment used by physical therapists, sports medicine practitioners and chiropractors. The company's shares are listed on the Nasdaq system under the symbol DYNT.