MiMedx announces Nasdaq listing extension and Hearing Date
MARIETTA, Ga., Aug. 13, 2018
MARIETTA, Ga., Aug. 13, 2018 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), a leading developer and marketer of regenerative and therapeutic biologics, today announced that a Nasdaq Hearings Panel (the "Panel") granted the Company's request for a listing extension. This allows for the continued trading of the Company's common stock on The Nasdaq Stock Market until the Panel make its determination of the Company's appeal of the Nasdaq staff's delisting notification.
The Panel hearing will take place on September 13, 2018, and the Panel is expected to make its determination sometime after the hearing. The Company is requesting that the Panel allow the Company additional time to regain compliance with Listing Rule 5250(c)(1), which requires the timely filing of periodic reports with the Securities and Exchange Commission.
As previously disclosed, the MiMedx Audit Committee is conducting an independent internal investigation into current and prior-period matters concerning sales and distribution practices and other matters. The Audit Committee is working diligently with its advisors to complete the investigation, and the Company is also working to prepare its financial statements for audit and regain compliance with its SEC reporting obligations and Nasdaq listing rules as soon as practicable.
There can be no assurance that the Panel will grant the Company's request for continued listing on Nasdaq, or that the Company's plans to exercise diligent efforts to maintain the listing of its common stock on Nasdaq will be successful. The Company expects to provide an update regarding its continued listing status once the Panel makes its determination sometime after the hearing.
MiMedx® is a leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. "Innovations in Regenerative Medicine" is the framework behind the Company's mission to give physicians products and tissues to help the body heal itself. The Company processes the human placental tissue utilizing its proprietary PURION® Process methodology, among other processes, to produce safe and effective allografts by employing aseptic processing techniques in addition to terminal sterilization. MiMedx has supplied over 1.3 million allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. For additional information, please visit www.mimedx.com.
Safe Harbor Statement
This press release includes forward-looking statements including statements regarding expected future compliance with SEC reporting and Nasdaq listing requirements, and continued Nasdaq listing. Additional forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements.
Actual results may differ materially from those set forth in the forward-looking statements. There can be no assurance that the Panel will grant the Company's request for continued listing on Nasdaq, or that the Company's plans to exercise diligent efforts to maintain the listing of its common stock on Nasdaq will be successful. For more detailed information on the risks and uncertainties, please review the Risk Factors section of the Company's most recent annual report or quarterly report filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and the Company assumes no obligation to update any forward-looking statement.
SOURCE MiMedx Group, Inc.