MARPAI ANNOUNCES WITHDRAWAL FROM NASDAQ HEARINGS PROCESS AND WILL TRANSITION TRADING TO THE OTCQX MARKET
Move reduces cost and burdens of Nasdaq listing
TAMPA, Fla., May 24, 2024 /PRNewswire/ — Marpai, Inc. (“Marpai” or the “Company”) (Nasdaq: MRAI), an independent national Third-Party Administration (TPA) company transforming the $22 billion TPA market supporting self-funded employer health plans with affordable, intelligent, healthcare, today announced it has informed The Nasdaq Stock Market LLC of its intention to withdraw from the Nasdaq hearings process and transition the listing of its Class A common shares, par value $0.0001 per share (the “Shares”), from The Nasdaq Capital Market (“Nasdaq”) and have the Shares quoted on the OTCQX Market (“OTCQX”). The Company provided notice of the withdrawal to the Nasdaq Hearings Panel on May 24, 2024. The Company was under a Nasdaq Panel Monitor and was not in compliance with the minimum stockholders’ equity requirement, as outlined in Nasdaq Listing Rule 5550(b)(1). The Company expects that its Shares will be suspended from trading on Nasdaq effective at the opening of trading on Wednesday, May 29, 2024, and will have its Shares commence trading on OTCQX immediately thereafter. The Company anticipates that the Panel will file a SEC Form 25 which will formally delist the Company’s Shares from Nasdaq in the near term.