Surgalign Receives NASDAQ Delisting Notice Following its Chapter 11 Filing
2023年6月23日 - 9:30PM
Surgalign Holdings, Inc., (NASDAQ: SRGA) a global medical
technology company focused on elevating the standard of care by
driving the evolution of digital surgery, announced today that on
June 22, 2023, it received a letter from the Listing Qualifications
Department of the Nasdaq Stock Market LLC (“Nasdaq”). Nasdaq has
determined that due to the Company’s voluntary petition for relief
under chapter 11 of the U.S. Bankruptcy Code, the Company’s
securities will be delisted from The Nasdaq Stock Market. The
Company does not intend to appeal Nasdaq’s determination.
As previously announced, Surgalign entered into an asset
purchase agreement to sell substantially all its global hardware
and biomaterials assets and filed voluntary petitions for relief
under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the Southern District of Texas, Houston Division. The
Company intends to pursue an auction and sale process under section
363 of the U.S. Bankruptcy Code for its Digital Health business and
has a stalking horse bidder in place for its hardware and
biomaterials assets. The Company intends to continue to operate its
business in the normal course while in chapter 11.
Trading of the Company’s common stock will be suspended at the
opening of business on July 3, 2023, and a Form 25-NSE will be
filed with the Securities and Exchange Commission (“SEC”), which
will remove the Company’s securities from listing and registration
on The Nasdaq Stock Market. Once the delisting from Nasdaq takes
effect, the Company’s common stock is expected to begin trading on
the OTC under the symbol SRGAQ.
About Surgalign Holdings, Inc.Surgalign
Holdings, Inc. is a global medical technology company committed to
the promise of digital health to drive transformation across the
surgical landscape. Uniquely aligned and resourced to advance the
standard of care, the company is building technologies physicians
and other health providers will look to for what is truly possible
for their patients. Surgalign is focused on developing solutions
that are designed to predictably deliver superior clinical and
economic outcomes. Surgalign markets products throughout the United
States and in approximately 40 countries worldwide through its
network of top independent distributors. Surgalign is headquartered
in Deerfield, IL, with commercial, innovation and design centers in
San Diego, CA, Warsaw and Poznan, Poland, and Wurmlingen, Germany.
Learn more at www.surgalign.com and connect on LinkedIn and
Twitter.
Forward Looking StatementsThis press release
contains forward-looking statements based on management’s current
expectations, our management’s beliefs and certain assumptions made
by our management. Words such as “anticipates,” “expects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” variations of
such words and similar expressions are intended to identify such
forward-looking statements. The forward-looking statements are not
guarantees of future performance and are based on certain
assumptions including general economic conditions, as well as those
within the Company’s industry, and numerous other factors and risks
identified in the Company’s most recent Form 10-K and other filings
with the SEC. Our actual results may differ materially from the
anticipated results reflected in these forward-looking statements.
Important factors that could cause actual results to differ
materially from the anticipated results reflected in these
forward-looking statements include risks and uncertainties relating
to the following: (i) the Company’s access to adequate operating
cash flow, trade credit, borrowed funds and equity capital to fund
its operations and pay its obligations as they become due, and the
terms on which external financing may be available, including the
impact of adverse trends or disruption in the global credit and
equity markets; (ii) risks relating to existing or potential
litigation or regulatory actions; (iii) the identification of
control deficiencies, including material weaknesses in internal
control over financial reporting; (iv) general worldwide economic
conditions and related uncertainties; (v) the continued impact of
COVID-19 variants, particularly in international markets served by
the Company; (vi) the failure by the Company to identify, develop
and successfully implement its strategic initiatives, particularly
with respect to its digital surgery strategy ; (vii) the
reliability of our supply chain; (viii) our ability to meet
obligations, including purchase minimums, under our vendor and
other agreements; (ix) whether or when the demand for procedures
involving our products will increase; (x) our financial position
and results, total revenue, product revenue, gross margin, and
operations; (xi) failure to realize, or unexpected costs in seeking
to realize, the expected benefits of the Holo Surgical Inc. (“Holo
Surgical”) and Inteneural Networks Inc. (“INN”) acquisitions,
including the failure of Holo Surgical’s and INN’s products and
services to be satisfactorily developed or achieve applicable
regulatory approvals or as a result of the failure to commercialize
and distribute its products; (xii) the failure to effectively
integrate Holo Surgical’s and INN’s operations with those of the
Company, including: retention of key personnel; the effect on
relationships with customers, suppliers, and other third parties;
and the diversion of management time and attention to the
integration; (xiii) the number of shares and amount of cash that
will be required in connection with any post-closing milestone
payments, including as a result of changes in the trading price of
the Company’s common stock and their effect on the amount of cash
needed by the Company to fund any post-closing milestone payments
in connection with the acquisitions; (xiv) the continuation of
recent quality issues with respect to our global supply chain (xv)
the effect and timing of changes in laws or in governmental
regulations; and (xvi) other risks described in our public filings
with the SEC. These factors should be considered carefully, and
undue reliance should not be placed on the forward-looking
statements. Each forward-looking statement in this communication
speaks only as of the date of the particular statement. Copies of
the Company's SEC filings may be obtained by contacting the Company
or the SEC or by visiting Surgalign's website at
http://www.surgalign.com/ or the SEC’s website at
http://www.sec.gov/. We undertake no obligation to update these
forward-looking statements except as may be required by law.
Investor and Media Relations Contact: Glenn
WienerGW CommunicationsT: +1 (917) 887 8434E: gwiener@gwcco.com
Surgalign (NASDAQ:SRGA)
過去 株価チャート
から 5 2024 まで 6 2024
Surgalign (NASDAQ:SRGA)
過去 株価チャート
から 6 2023 まで 6 2024