DENVER, July 21,
2023 /PRNewswire/ -- ViewRay, Inc. (the "Company")
(Nasdaq: VRAY) announced today that on July
17, 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, and concerns about
the Company's ability to sustain compliance with the $1.00 per share minimum bid price requirement for
continued inclusion on Nasdaq based on Listing Rule 5450(a)(1), the
Company's securities will be delisted from the Nasdaq Stock Market.
The Company does not intend to appeal Nasdaq's determination.
Trading of the Company's common stock will be suspended at the
opening of business on July 26, 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 over-the counter ("OTC") markets.
On the OTC market, shares of the Company's common stock, which
previously traded on Nasdaq under the symbol "VRAY", are expected
to trade under the symbol "VRAYQ".
The transition to the OTC markets will not affect the Company's
intention to continue to operate in the normal course while in
chapter 11. The Company will remain subject to the public reporting
requirements of the SEC following the transfer.
About ViewRay ViewRay, Inc. (Nasdaq: VRAY) designs,
manufactures, and markets the MRIdian® MRI-Guided Radiation Therapy
System. MRIdian is built upon a proprietary high-definition MR
imaging system designed from the ground up to address the unique
challenges and clinical workflow for advanced radiation oncology.
Unlike MR systems used in diagnostic radiology, MRIdian's
high-definition MR was purpose-built to address specific
challenges, including beam distortion, skin toxicity, and other
concerns that potentially may arise when high magnetic fields
interact with radiation beams. ViewRay and MRIdian are registered
trademarks of ViewRay, Inc.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Private Securities Litigation Reform Act. Statements in
this press release that are not purely historical are
forward-looking statements. Such forward-looking statements
include, among other things, ViewRay's financial guidance for the
full year 2023, anticipated future orders, anticipated future
operating and financial performance, treatment results, therapy
adoption, innovation, and the performance of the MRIdian systems.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the ability to commercialize the MRIdian
Linac System, demand for ViewRay's products, the ability to convert
backlog into revenue, the timing of delivery of ViewRay's products,
the timing, length, and severity of the COVID-19 pandemic,
including its impacts across our businesses on demand, our
operations and global supply chains, the results and other
uncertainties associated with clinical trials, the ability to raise
the additional funding needed to continue to pursue ViewRay's
business and product development plans, the inherent uncertainties
associated with developing new products or technologies,
competition in the industry in which ViewRay operates, overall
market conditions, risks attendant to the bankruptcy process, the
impact of the expected delisting of the Company's common stock from
Nasdaq and the expected trading of the Company's common stock on
the OTC markets, employee attrition and the Company's ability to
retain senior management and other key personnel due to the
distractions and uncertainties, the Company's ability to maintain
relationships with suppliers, customers, employees and other third
parties and regulatory authorities as a result of the Chapter 11
proceedings; and the impact and timing of any cost-savings measures
and related local law requirements in various jurisdictions. For a
further description of the risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to ViewRay's
business in general, see ViewRay's current and future reports filed
with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended December 31, 2022 and its Quarterly Reports on
Form 10-Q, as updated periodically with the Company's other filings
with the SEC. These forward-looking statements are made as of the
date of this press release, and ViewRay assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements, except as required by law.
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SOURCE ViewRay, Inc.