Aclarion seeks to raise $3M through penny-stock sale

BROOMFIELD — Aclarion Inc. (Nasdaq: ACON), a Broomfield-based medical-device startup, plans to issue more than 5.1 million new shares of common stock, which will be sold at a public offering price of $0.58

The offering, of which Maxim Group LLC is the sole placement agent, is expected to bring in $3 million for Aclarion.

The pricing of the stock sale is notable because, at $0.58, it is less than the $1 threshold Nasdaq requires for companies listed on the exchange. 

Aclarion, which did not specify in a U.S. Securities and Exchange Commission disclosure how it plans to use the stock-sale proceeds, has faced several delisting notices from the exchange over its noncompliance with various Nasdaq rules in the past year or so. 

On Aug. 31, 2023, Aclarion received notice that it had not met the terms of the extension notice on the equity requirement and that the company’s stock would be delisted, a notice that the company is appealing. Aclarion’s stock will continue to be traded pending completion of the hearing process and a written decision by Nasdaq.

The company’s stock was trading at $0.32 around midday on Monday, having lost more than 82% of its value in the last five days of trading.

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