Acutus Medical, Inc. (NASDAQ: AFIB) found itself in a downward spiral on Friday, with its stock price taking a significant hit during regular trading hours. Starting the day at $0.1540, AFIB closed at $0.1447, marking a nearly 6% decline.

However, the real turmoil struck after the closing bell, as AFIB nosedived by almost 40% in afterhours trading, hitting a new low of $0.0900.

Panic among Shareholders

Investors were left scratching their heads as there was no immediate news to justify this steep decline. However, speculations loomed large, with social media buzzing about a potential delisting looming over the company. This added to the distress as AFIB's market capitalization plummeted below $4 million, raising concerns among stakeholders.

The roots of this debacle trace back to May 1, 2023, when Acutus Medical received a notice from Nasdaq indicating non-compliance with the Bid Price Requirement. Despite efforts to rectify the situation, including an application to transfer securities to The Nasdaq Capital Market, the company struggled to meet the criteria. With a steadfast decision not to pursue compliance, AFIB now faces the imminent prospect of delisting from Nasdaq, set to begin trading in over-the-counter markets by April 29, 2024.

Breaking Down AFIB's Delisting Debacle

The journey to regain compliance proved to be an uphill battle for Acutus Medical. Initially granted 180 days to rectify the bid price deficiency, the company's attempts to transition to The Nasdaq Capital Market failed to yield sustainable results. Despite eligibility for an extended compliance period, AFIB remained unable to meet the minimum bid price requirement.

The impending delisting casts a shadow over Acutus Medical's future prospects, leaving investors wary of the uncertainties ahead. With Nasdaq's looming notice of potential delisting, AFIB finds itself at a crossroads, navigating through turbulent waters in the stock market landscape.

Conclusion

As Acutus Medical braces for the transition to over-the-counter trading, the company's stakeholders await further developments with bated breath. While the future remains uncertain, AFIB's resilience in the face of adversity will undoubtedly be put to the test, as it charts a new course in market.