NEWPORT BEACH — Imagyn Medical Technologies Inc. said Monday that its stock has been removed from Nasdaq's national market and will begin trading today on the Nasdaq's more limited SmallCap market.
An official of the Newport Beach maker and marketer of medical products said the company's stock price hasn't met the national market's minimum bid price of $5 a share since late October. In the last several weeks, it has traded below $2 a share, and it closed Monday at $1.72, off 6 cents.
Imagyn will continue to trade under the symbol IMTI.
The company is one of several hundred Nasdaq issues that have been affected by Nasdaq's higher listing standards, which went into effect last August. Among other things, Nasdaq raised the minimum bid on companies qualifying for the national market to $5 a share from $1.
Michael A. Montevideo, Imagyn's chief financial officer, said the company hopes its stock price will improve if revenues and profitability improve. He said the company eventually would like to reapply for listing on the national market.