The shares of Escalon Medical were recently delisted from the NASDAQ Stock Market, as the Wayne company’s shares have been trading under $1 for an extended period, writes John George for the Philadelphia Business Journal.

The medical device company, which focuses on the ophthalmology market, was notified in March that it had been trading under $1 a share for the previous 30 days. This put it out of compliance with NASDAQ listing rules. Escalon had also previously requested an appeal of its failure to comply with the minimum $2.5 million stockholders’ equity requirement, mandated by the exchange for continued listing.

A hearing in October addressed both issues, with Escalon presenting a plan for compliance with NASDAQ’s listing standards. However, the plan was rejected and the company was notified on Nov. 16 that its stock would be delisted effective Nov. 18.

It will now trade on the OTCQB marketplace.

Escalon reported revenues of $11.6 million in fiscal 2016, which is a significant drop from the $13.1 million reported the previous year. The company’s net loss also went up to $1.2 million from $541,000 in fiscal 2015.

Read more about the delisting in the Philadelphia Business Journal here.