BCDA · BioCardia, Inc.

This delisting notice signals a critical financial inflection point for BioCardia, as its stockholders’ equity of $895,000 as of December 31, 2025 falls substantially below Nasdaq’s $2.5 million minimum — a threshold designed to ensure registrants maintain a baseline level of financial viability and investor protection. The deficiency reflects accumulated losses and limited capital raises, and without meaningful equity infusion or balance sheet restructuring, the company faces heightened risk of delisting. While Nasdaq allows a compliance plan submission by May 25, 2026 — and potentially grants up to 180 days to demonstrate remediation — acceptance hinges on Nasdaq’s assessment of feasibility, including projected financing, revenue trajectory, cost discipline, and prior compliance history. Delisting would impair liquidity, restrict access to public capital markets, likely trigger cross-defaults in existing agreements, and negatively affect institutional ownership and analyst coverage. The absence of disclosed near-term financing, strategic alternatives, or operational turnaround milestones in this filing further amplifies execution risk. Investors should closely monitor the upcoming compliance plan submission and any subsequent Nasdaq correspondence or hearings, as those will determine whether BioCardia retains its exchange listing or enters a period of over-the-counter trading with significantly reduced visibility and market depth.