Ontrak announces receipt of notice from nasdaq regarding non-compliance of its 9.50% series a cumulative perpetual preferred stock with minimum bid price requirement

Henderson, nev.--(business wire)--(nasdaq: otrk) (nasdaq: otrkp) – on december 6, 2022, ontrak, inc. (the “company”) received a letter (the “notice”) 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 5460(a)(3) (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. the notice has no immediate effect on the listing of the preferred stock on the nasdaq global market. under nasdaq listing rule 5810(c)(3)(a), the company has a 180-calendar day grace period, or until june 5, 2023 (the “compliance date”), to regain compliance with the minimum bid price requirement. the minimum bid price requirement will be met if the preferred stock has 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 grace period, unless nasdaq exercises its discretion to extend such 10-day period. if the company does not regain compliance by the compliance date, the company may be eligible for an additional 180-calendar day compliance period, subject to satisfying the conditions in the applicable nasdaq listing rules. the company is monitoring the closing bid price of the preferred stock and will consider options to regain compliance with the minimum bid price requirement. however, there can be no assurance that the company will be able to regain compliance with the minimum bid price requirement. the series a preferred stock trades on nasdaq global market under the symbol “otrkp.” about ontrak, inc. ontrak, inc. 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. learn more at www.ontrakhealth.com.
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