Ra Medical Systems Receives NYSE American Notice
September 02 2022 - 4:05PM
Business Wire
Ra Medical Systems, Inc. (NYSE American: RMED) (“Ra Medical” or
the “Company) announces that on August 31, 2022, it received a
notice (the “Notice”) that the NYSE American LLC has determined the
Company’s securities have been selling at a low price per share for
a substantial period of time. Pursuant to Section 1003(f)(v) of the
NYSE American Company Guide, the Company’s continued listing is
predicated on it effecting a reverse stock split of its common
stock or otherwise demonstrating sustained price improvement within
a reasonable period of time, which the NYSE American has determined
to be no later than February 28, 2023.
The NYSE American acknowledged that the Company has filed a
definitive proxy statement to hold a Special Meeting of
Stockholders (the “Special Meeting”) on September 20, 2022, seeking
stockholder authorization of a reverse stock split at a ratio of
between 1-for-20 and 1-for-50. The notice has no immediate effect
at these trading levels on the listing or trading of the Company’s
common stock and the common stock will continue to trade on the
NYSE American.
The definitive proxy statement was filed with the Securities and
Exchange Commission (the “Commission”) on August 29, 2022 and is
available here. The Company's stockholders of record at the close
of business on the record date, July 22, 2022, are entitled to vote
the shares of common stock of Ra Medical owned by them at the
Special Meeting. Every stockholder's vote is important, regardless
of the number of shares held, and the Company requests the prompt
submission of votes.
The Special Meeting will be held virtually at 8:00 a.m. Pacific
time on Tuesday, September 20, 2022. Stockholders as of the record
date are invited to attend the Special Meeting by registering at
www.viewproxy.com/RMED/2022 by 8:59 p.m. Pacific time on Monday,
September 19, 2022. Instructions regarding how to connect and
participate live via the internet, including how to demonstrate
proof of stock ownership, are posted at
www.viewproxy.com/RMED/2022.
If stockholders have questions or need assistance with voting,
please call Alliance Advisors, LLC, the Company’s proxy solicitor,
at 833-945-2699.
About Ra Medical Systems
Ra Medical Systems, Inc. is a medical device company that owns
intellectual property related to an advanced excimer laser-based
platform for use in the treatment of vascular immune-mediated
inflammatory diseases. Its excimer laser and single-use catheter
system, together referred to as the DABRA Excimer Laser System, is
used as a tool in the treatment of peripheral artery disease.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements generally relate to future events
or Ra Medical’s future financial or operating performance,
including those related to compliance with NYSE American listing
requirements and the upcoming special meeting. In some cases, you
can identify forward-looking statements because they contain words
such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “target,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential” or “continue” or
the negative of these words or other similar terms or expressions
that concern Ra Medical’s future expectations, strategy, plans or
intentions. Ra Medical’s expectations and beliefs regarding these
matters may not materialize, and actual results in future periods
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected or implied by
such forward-looking statements. The potential risks and
uncertainties which contribute to the uncertain nature of these
statements include, among others, the other risks and uncertainties
described in Ra Medical’s news releases and filings with the
Commission. Information on these and additional risks,
uncertainties, and other information affecting Ra Medical’s
business and operating results is contained in Ra Medical’s Annual
Report on Form 10-K for the year ended December 31, 2021 filed with
the Commission on March 24, 2022 and as amended on July 13, 2022,
Ra Medical’s Quarterly Report on Form 10-Q for the quarter ended
June 30, 2022 filed with the Commission on August 16, 2022 and in
its other filings with the Commission. The forward-looking
statements in this press release are based on information available
to Ra Medical as of the date hereof, and Ra Medical disclaims any
obligation to update any forward-looking statements, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220902005333/en/
Investor Relations Contact: LHA Investor Relations Jody Cain
310-691-7100 jcain@lhai.com
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