Company: QTIWW
Filing Date: 2025-01-28
Form Type: 424B3
Source: 0001844505-25-000016
Chunk: 3

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-28
Form: 424B3
Chunk 3
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 30 consecutive business days, and, as a result, did not comply with Listing Rule 5450(a)(1) of the Nasdaq Listed Company Manual (the “Price Rule”). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided with 180 calendar days, or until December 16, 2024, to regain compliance with the Price Rule.

In addition, as previously announced in a Current Report filed with the SEC on September 10, 2024, the Staff notified the Company that, for the prior 31 consecutive business days, the Company’s Market Value of Publicly Held Securities (“MVPHS”) was below the minimum of $15 million required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(c) (the “MVPHS Requirement”).

Subsequently, and as previously announced in a Current Report filed with the SEC on November 12, 2024, the Staff notified the Company on November 6, 2024 that it had determined to commence proceedings to delist the common stock from Nasdaq due to its determination that the Company’s common stock is no longer suitable for listing because the Company’s market value of is listed securities fell below the minimum $50 million required for continued listing as set forth in MVLS Requirement, and the Company was unable to regain compliance with the MVLS Requirement by November 4, 2024. The Company proceeded to initiate an appeal (the “Appeal”) of the Staff’s determination to commence delisting of the common stock from Nasdaq, requesting that the matter be submitted to a Hearings Panel (the “Panel”) per the procedures set forth in the Nasdaq Listing Rule 5800 Series, staying the suspension of the Company’s securities and the filing of a Form 25-NSE by the Staff pending the Panel’s decision.

While the Appeal was pending, as previously announced in a Current Report filed with the SEC on December 20, 2024, on December 17, 2024, the Staff formally notified the Company that it was unable to regain compliance with the Price Rule during the provided 180-day compliance window, which the Staff stated it considers an additional basis for delisting the Company’s common stock from Nasdaq and which was to be considered in the Panel’s rendering of a decision on the Appeal.

On January 7, 2025, the Panel held a hearing on the Appeal of the Staff’s November 6, 2024