Picard Medical Receives Nasdaq Delisting Notice After Material Agreement

Picard Medical Inc. (PMI) filed an 8-K on May 11, 2026, disclosing both entry into a material definitive agreement under Item 1.01 and receipt of a delisting notice under Item 3.01.

The filing identifies a material definitive agreement but does not name the counterparty or disclose the contract type or dollar size. Item 3.01 states that on May 9, 2026, the company received a notice from the Nasdaq Stock Market LLC that its common stock no longer meets the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).

The notice gives Picard Medical until May 19, 2026, to submit a request for a hearing before the Nasdaq Hearings Panel.

Prior to the notice, Picard Medical maintained listing on Nasdaq. The new state suspends automatic delisting for the duration of the hearing process and any subsequent extension period granted by the panel. The hearing request must be filed within seven calendar days of the notice, or by May 19, 2026.

If the panel grants a hearing, the company can present a plan to regain compliance, typically involving a reverse stock split or other capital-structure actions within a defined extension period that can last up to 180 days from the original notice date.

Downstream, the panel must issue a decision within 45 days after the hearing, though that deadline can be extended. A determination to delist would trigger a final appeal window to the Nasdaq Listing Council and potential SEC review. The company must also file any exhibits related to the material agreement and the delisting notice as part of Item 9.01, making those documents public record.

Failure to regain compliance or secure an extension would result in the stock moving to over-the-counter trading, directly affecting liquidity for existing shareholders and the company's ability to raise capital through listed equity offerings.

This marks the first public disclosure by Picard Medical of a bid-price deficiency since its initial Nasdaq listing. The 8-K constitutes the official regulatory notification required under SEC rules when a company falls out of compliance with exchange standards or enters contracts deemed material to investors.