Sonendo, Inc. Announces Suspension of NYSE Trading, Will Commence Trading on the OTCQX Effective November 22, 2023
21 Novembre 2023 - 10:31PM
Business Wire
Sonendo, Inc. (NYSE: SONX) (“Sonendo” or the “Company”), a
leading dental technology company and developer of the GentleWave®
System, today announced that, on November 15, 2023, it received a
notice from the New York Stock Exchange (the “NYSE”) that the
Company was no longer in compliance with the NYSE continued listing
standards set forth in Section 802.01B of the NYSE’s Listed Company
Manual (“Section 802.01B”) due to the Company’s average global
market capitalization over a consecutive 30 trading-day period
being less than $50 million and its stockholders’ equity being less
than $50 million.
As set forth in the notice, as of November 14, 2023, the 30
trading-day average global market capitalization of the Company was
approximately $15.5 million and the Company’s last reported
stockholders’ equity as of September 30, 2023 was approximately
$37.8 million.
The Company has notified the NYSE that it intends to submit a
plan to regain compliance within 45 days of the notice received on
November 15, 2023 advising the NYSE of definitive action it has or
will take to regain compliance. If the NYSE accepts the Company’s
plan, the Company’s common stock, par value $0.001 per share (the
“Common Stock”), may continue to be listed and traded on the NYSE
during the 18-month cure period, subject to the Company’s pending
NYSE appeal and hearing determination.
On November 21, 2023, the Company received an additional notice
from the NYSE that the NYSE suspended trading of, and commenced
proceedings to delist, the Common Stock, effective at the opening
of business Eastern Standard Time on November 22, 2023. This
suspension is being made because the Company has not complied with
Section 802.01B, which requires listed companies to maintain an
average global market capitalization over a consecutive 30 trading
day period of at least $15 million. The Board of Directors and
management of the Company intends to take all advisable actions in
order to maintain its listing on the NYSE and will appeal the
NYSE’s decision.
In anticipation of the suspension of trading of the Common Stock
on NYSE, the Company applied to trade its Common Stock on the
OTCQX® Best Market (the “OTCQX”), the highest market tier operated
by the OTC Markets Group Inc. and will commence trading on the
OTCQX on November 22, 2023 under the symbol “SONX.” For quotes or
additional information on the OTCQX, please visit
otcmarkets.com.
The transition to the OTCQX will not affect the Company’s
business operations. The Company intends to continue to operate in
strict compliance with SEC rules and regulations, including filing
quarterly financial statements, having independently audited
financials, and maintaining an independent Board of Directors, and
follow best corporate governance practices of a public company.
“We firmly believe that our current stock price and market
capitalization do not reflect the intrinsic value of Sonendo’s
underlying business. We remain steadfast in our commitment to the
Company’s fundamentals, the value of our GentleWave technology, and
the prospect of leveraging meaningful growth opportunities,” said
Bjarne Bergheim, President and Chief Executive Officer of Sonendo.
“The change in our listing status on the New York Stock Exchange
does not deter our unwavering focus on Sonendo’s core mission,
Saving Teeth. Improving Lives.™”
About Sonendo
Sonendo is a commercial-stage medical technology company focused
on saving teeth from tooth decay, the most prevalent chronic
disease globally. Sonendo develops and manufactures the GentleWave®
System, an innovative technology platform designed to treat tooth
decay by cleaning and disinfecting the microscopic spaces within
teeth without the need to remove tooth structure. The system
utilizes a proprietary mechanism of action, which combines
procedure fluid optimization, broad-spectrum acoustic energy and
advanced fluid dynamics, to debride and disinfect deep regions of
the complex root canal system in a less invasive procedure that
preserves tooth structure. The clinical benefits of the GentleWave®
System when compared to conventional methods of root canal therapy
include improved clinical outcomes, such as superior cleaning that
is independent of root canal complexity and tooth anatomy, high and
rapid rates of healing and minimal to no post-operative pain. In
addition, the GentleWave® System can improve the workflow and
economics of dental practices.
Sonendo is also the parent company of TDO® Software, the
developer of widely used endodontic practice management software
solutions, designed to simplify practice workflow. TDO® Software
integrates practice management, imaging, referral reporting and
cone beam computed tomography imaging, and offers built-in
communication with the GentleWave® System.
For more information on Sonendo, visit www.sonendo.com. For more
information on the GentleWave® System, visit
www.gentlewave.com/doctor.
Forward-Looking Statements
This press release includes forward-looking statements
(statements which are not historical facts) within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, express or implied
forward-looking statements relating to the Company’s ability to
successfully appeal the NYSE’s determination; Company’s ability to
successfully list on the OTCQX® Best Market and the Company’s
anticipated business and financial performance on an on-going basis
as well as following the delist of the Common Stock from the NYSE.
You are cautioned that such statements are not guarantees of future
performance and that our actual results may differ materially from
those set forth in the forward-looking statements. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions; speak only as of the date they are made; and, as a
result, are subject to risks and uncertainties that may change at
any time. Many factors could cause actual future events to differ
materially from the forward-looking statements in this press
release, including but not limited to: logistical issues associated
with transferring the trading of the Company’s securities from the
NYSE to the OTC; the Company’s ability to satisfy the criteria to
trade its securities on OTCQX; and there is no assurance that an
active market will be maintained for the Common Stock on the OTCQX.
Other factors that could cause the Company’s actual results to
differ materially from these forward-looking statements are
described in detail in our registration statements, reports and
other filings with the Securities and Exchange Commission,
including the “Risk Factors” set forth in our Annual Report on Form
10-K, as supplemented by our quarterly reports on Form 10-Q. Such
filings are available on our website or at www.sec.gov. We
undertake no obligation to publicly update or revise
forward-looking statements to reflect subsequent developments,
events, or circumstances, except as may be required under
applicable securities laws. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231121171787/en/
Investor Contact: Greg Chodaczek Gilmartin Group
ir@sonendo.com
Sonendo (NYSE:SONX)
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