SeaStar Medical (ICU) Provides Update on Nasdaq Listing Status

SeaStar Medical Holding Corporation (Nasdaq: ICU) a commercial-stage healthcare company focused on transforming treatments for critically ill patients facing organ failure and potential loss of life announced today that it has undertaken a series of transactions to ensure compliance with Nasdaq’s continued listing standards.

Last year on June 24, 2024, SeaStar Medical received a written notification from Nasdaq’s Listing Qualifications Staff that it was not in compliance with the requirement to maintain a minimum market value of listed securities of $35 million as required by Nasdaq Listing Rule 5550(b)(2). After a hearing before the Nasdaq Hearings Panel (the “Panel”), the Panel granted the Company an extension through June 22, 2025, to evidence compliance with the alternative requirement of $2.5 million in stockholders’ equity.

SeaStar Medical has completed the following capital transactions and operational improvements to evidence compliance with the Nasdaq equity rule:

Fundraising transactions:

• On June 23, 2025, SeaStar Medical completed a $4.0 million public offering of common stock and warrants.
• On April 25, 2025, SeaStar Medical entered into a purchase agreement with Lincoln Park Capital, pursuant to which Lincoln Park agreed to purchase up to an aggregate of $15.0 million of our common stock from time to time over a three-year term.

Revenue generation:

• In the second fiscal quarter, SeaStar Medical continued to advance its business plan by increasing its customer count to six for the Company’s FDA approved product, QUELIMMUNE, which is used by ICU physicians treating pediatric patients with multiple organ failure. QUELIMMUNE has been shown to reduce pediatric mortality by approximately 50% and completely relieve pediatric patients from a lifetime of dialysis.

Operating expense reduction:

• In May 2025, SeaStar Medical began a cost cutting program that is expected to reduce operating expenses for the remainder of the current fiscal year. The Company does not anticipate that these expense reductions will have a material impact on operations.

Liability restructuring:

• In May and June of 2025, approximately $1.2 million of employee compensation and director fee liabilities were extinguished as certain employees and directors waived their rights to bonuses and fees that had accrued but not paid.

Based on the above, SeaStar Medical believes it has regained compliance with the $2.5 million stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. However, the Company awaits Nasdaq’s formal confirmation of compliance.

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