Allurion Receives Continued Listing Standards Notice from NYSE
September 05 2024 - 5:30PM
Business Wire
Allurion Technologies, Inc. (NYSE: ALUR) (“Allurion” or the
“Company”), a company dedicated to ending obesity, today announced
that it received written notice (the “Notice”) from the New York
Stock Exchange (the “NYSE”) that it is not in compliance with the
NYSE’s continued listing standards because the average market
capitalization of the Company was less than $50.0 million over the
consecutive 30 trading-day period ended August 29, 2024 and the
Company’s last reported stockholders’ equity as of August 29, 2024
was less than $50.0 million. The Notice does not result in the
immediate delisting of the Company’s common stock from the
NYSE.
In accordance with NYSE procedures, within 45 days from receipt
of the Notice, the Company intends to submit a plan to the NYSE
advising it of the definitive action(s) the company has taken, is
taking, or plans to take that would bring it into conformity with
the continued listing standards. If the NYSE accepts the Company’s
plan, the Company’s common stock will continue to be listed and
traded on the NYSE during the 18-month cure period, subject to the
Company’s compliance with other NYSE continued listing standards
and continued periodic review by the NYSE of the Company’s progress
with respect to its plan.
The Notice has no immediate impact on the listing of the
Company’s common stock, which will continue to be listed and traded
on the NYSE during such cure period, subject to the Company’s
compliance with other NYSE continued listing standards.
Furthermore, the Notice is not anticipated to impact the ongoing
business operations of the Company or its reporting requirements
with the U.S. Securities and Exchange Commission.
About Allurion Allurion is dedicated to ending obesity.
The Allurion Program is a weight loss platform that features the
Allurion Gastric Balloon, the world’s first and only swallowable,
Procedureless™ intragastric balloon for weight loss, and offers
access to the Allurion Virtual Care Suite, including the Allurion
Mobile App for consumers, Allurion Insights for health care
providers featuring the Coach Iris AI Platform, and the Allurion
Connected Scale. The Allurion Virtual Care Suite is also available
to providers separately from the Allurion Program to help
customize, monitor and manage weight loss therapy for patients
regardless of their treatment plan: gastric balloon, surgical,
medical or nutritional. The Allurion Gastric Balloon is an
investigational device in the United States.
For more information about Allurion and the Allurion Virtual
Care Suite, please visit www.allurion.com. Allurion is a trademark
of Allurion Technologies, Inc. in the United States and countries
around the world.
Cautionary Note Regarding Forward-Looking Statements This
press release contains forward-looking statements within the
meaning of the U.S. federal and state securities laws. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions and include statements regarding the
Company’s plans to notify the NYSE hat it intends to cure the
market capitalization deficiency and return to compliance with the
applicable NYSE continued listing standards, its intention to
remain listed on the NYSE, and its options to regain compliance
with the NYSE’s continued listing standards. Forward-looking
statements are predictions, projections and other statements about
future events that reflect the current beliefs and assumptions of
the Company’s management based on information currently available
to them and, as a result, are subject to risks and uncertainties.
Many factors could cause actual future results or developments to
differ materially from the forward-looking statements in this
communication, including but not limited to (i) the ability of the
Company to obtain and maintain regulatory approvals for and
successfully commercialize its products and offerings, including
the Allurion Balloon, (ii) the timing of, and results from, the
Company’s clinical studies and trials, (iii) the evolution of the
markets in which the Company competes, (iv) the ability of the
Company to defend its intellectual property and satisfy regulatory
requirements, (v) the impact of global economic conditions and
geopolitical events on the Company’s business, (vi) the Company’s
expectations regarding its market opportunities, (vii) the risk of
economic downturns and a changing regulatory landscape in the
highly competitive industry in which the Company operates, (viii)
the risk that the Notice and noncompliance with NYSE continued
listing standards may impact the Company’s results of operations,
business operations and reputation and the trading prices and
volatility of the Company’s common stock, and (ix) the Company’s
ability to continue to meet NYSE continued listing standards. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K filed on March 26, 2024 (as
subsequently amended) and other documents filed by the Company from
time to time with the U.S. Securities and Exchange Commission.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the Company assumes no obligation and does not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. The Company does not give any assurance that it will
achieve its expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240905269161/en/
Global Media Cedric Damour PR Manager +33 7 84 21 02 20
cdamour@allurion.com
Investor Contact Mike Cavanaugh, Investor Relations ICR
Westwicke (617) 877-9641 mike.cavanaugh@westwicke.com
Allurion Technologies (NYSE:ALUR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Allurion Technologies (NYSE:ALUR)
Historical Stock Chart
From Nov 2023 to Nov 2024