PhotoMedex Transfers U.S. Listing to NASDAQ Capital Market
March 09 2016 - 7:30AM
Business Wire
PhotoMedex, Inc. (NasdaqGS and TASE:PHMD) announces that
its application to be listed on the NASDAQ Capital Market has been
approved by NASDAQ. Effective as of March 10, 2016, the Company's
stock will be listed on the NASDAQ Capital Market, rather than on
the NASDAQ Global Select Market. This move to the Capital Market
will not affect the trading of the Company's common stock. The
NASDAQ Capital Market is a continuous trading market that operates
in substantially the same manner as the NASDAQ Global Select
Market, but with less stringent listing requirements. The Company's
common shares will continue to trade on NASDAQ under the symbol
"PHMD."
As previously disclosed, PhotoMedex was notified by NASDAQ on
September 29, 2015 that it no longer satisfied the $1.00 per share
minimum bid price requirement for continued listing, as set forth
in NASDAQ Listing Rule 5450(a)(1). The Company was given an initial
period of 180 calendar days, or until March 28, 2016, to regain
compliance with the listing rules. If at any time during that
period the closing bid price of the Company's common stock is at
least $1.00 per share for a minimum of 10 consecutive business
days, compliance will be regained. However, if the company fails to
regain compliance during this 180-day period, its common stock will
be subject to delisting by NASDAQ.
The Company intends to seek an extension of time in which to
comply with that requirement, should the Company’s share price not
meet the bid price requirement by the end of the compliance period.
The transfer of its stock from the NASDAQ Global Select Market to
the NASDAQ Capital Market is part of the process to request such an
extension.
PhotoMedex intends to consider a range of available options to
regain compliance with this continued listing standard within the
grace period, and has provided written notice to NASDAQ of its
intention to cure the minimum bid price deficiency during this
second grace period by carrying out a reverse stock split, if
necessary. At its 2015 annual meeting, , PhotoMedex shareholders
granted authority to the board of directors to implement, as
needed, a reverse split in a ratio up to one common share for each
five shares outstanding. The board has decided to delay acting upon
that authority while the recently announced transaction with DS
Healthcare, Inc. is still pending.
About PhotoMedex
PhotoMedex is a global skin health company providing aesthetic
solutions to dermatologists, professional aestheticians and
consumers. The company provides proprietary products and services
that address skin diseases and conditions including acne and photo
damage. Its long-held experience in the physician market provides
the platform to expand its skin health solutions to spa markets, as
well as traditional retail, online and direct to consumer outlets
for home-use products. PhotoMedex sells home-use devices under the
no!no! brand for various indications including hair removal, acne
treatment and skin rejuvenation. The company also offers a
professional product line for acne clearance, skin tightening,
psoriasis care and hair removal sold to physician clinics and
spas.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on current
expectations of PhotoMedex and are subject to uncertainty and
changes in circumstances. These forward-looking statements include,
among others, expectations about future business plans, prospective
performance and opportunities; required regulatory approvals and
the expected timing of the completion of the transaction. These
forward-looking statements may be identified by the use of words
such as “expect,” “anticipate,” “believe,” “estimate,” “potential,”
“should”, “will” or similar words intended to identify information
that is not historical in nature. The inclusion of such statements
should not be regarded as a representation that such plans,
estimates or expectations will be achieved. There are a number of
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements made herein. These
risks and uncertainties include the risk factors disclosed in
PhotoMedex’s filings with the Securities and Exchange Commission
(the “SEC”), including its Annual Report on Form 10-K, which
PhotoMedex filed on March 16, 2015. Forward-looking statements
reflect PhotoMedex’s management’s analysis as of the date of this
release, even if subsequently made available PhotoMedex on its
website or otherwise. PhotoMedex does not undertake to revise these
statements, whether written or oral, that may be made from time to
time to reflect subsequent developments, except as required under
the federal securities laws. Readers are cautioned not to place
undue reliance on any of these forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160309005247/en/
LHAKim Sutton Golodetz, 212-838-3777Kgolodetz@lhai.comorBruce
Voss, 310-691-7100Bvoss@lhai.com@LHA_IR_PRorPhotoMedex, Inc.Dennis McGrath,
215-619-3287Chief Financial Officerinfo@photomedex.com
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