NMT Medical Announces Plans to Begin Trading on OTCQB Marketplace
February 02 2011 - 7:30AM
Marketwired
NMT Medical, Inc. (NASDAQ: NMTI) today announced that the Company's
securities will cease trading on The NASDAQ Capital Market and will
begin trading on the OTCQBâ„¢ Marketplace effective with the open of
business on February 7, 2011.
Operated by OTC Markets Group Inc., the OTCQB is a market tier
for OTC traded companies that are registered and reporting with the
Securities and Exchange Commission. The Company's shares will
continue to trade under the symbol NMTI on the computerized OTCQB
system. Investors will be able to view Level II Real Time stock
quotes for NMT at http://www.otcmarkets.com.
On July 30, 2010, NMT received a notification from The NASDAQ
Stock Market that the bid price of the Company's common stock had
closed below the minimum $1.00 per share requirement for continued
listing for 30 consecutive days and that its market value was below
the $35 million minimum value for listed securities. NMT was given
180 calendar days, or until January 26, 2011, to regain compliance
for a minimum of ten consecutive business days. The Company has
decided not to appeal to a NASDAQ Hearings Panel for an additional
180-day grace period.
Richard E. Davis, NMT's Chairman, President and Chief Executive
Officer, said, "We expect our equity to continue to be actively
traded on the OTCQB Marketplace. We will continue to operate and
report as a public company and do not believe that this development
will affect our ongoing efforts."
About OTC Markets Group OTC Markets Group
Inc. operates the world's largest electronic marketplace for
broker-dealers to trade unlisted stocks. Its OTC Link platform
supports an open network of competing broker-dealers that provide
investors with the best prices in over 10,000 OTC securities. In
2010, securities on OTC Link traded over $144 billion in dollar
volume, making it the third largest U.S. equity trading venue after
NASDAQ and the NYSE. The wide spectrum of OTC-traded companies are
categorized into three tiers -- OTCQX (the quality-controlled
marketplace for investor friendly companies), OTCQB (the U.S.
reporting company marketplace for development stage companies), and
OTCPink (the speculative trading marketplace). This categorization
enables investors to identify the level and quality of information
companies provide. To learn more about the OTC Markets Group, visit
www.otcmarkets.com.
About NMT Medical, Inc. NMT Medical is an
advanced medical technology company that designs, develops,
manufactures and markets proprietary implant technologies that
allow interventional cardiologists to treat structural heart
disease through minimally invasive, catheter-based procedures. NMT
is currently investigating the potential connection between a
common heart defect that allows a right-to-left shunt or flow of
blood through a defect like a patent foramen ovale (PFO) and brain
attacks such as embolic stroke, transient ischemic attacks (TIAs)
and migraine headaches. A common right-to-left shunt can allow
venous blood, unfiltered and unmanaged by the lungs, to enter the
arterial circulation of the brain, possibly triggering a cerebral
event or brain attack. More than 34,000 PFOs have been treated
globally with NMT's minimally invasive, catheter-based implant
technology.
For more information about NMT Medical, please visit
www.nmtmedical.com.
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements -- including statements
regarding NMT's expectation that its equity will continue to be
actively traded on the OTCQB Marketplace; plans to continue to
operate and report as a public company; and belief that this
development will not affect NMT's ongoing efforts -- involve known
and unknown risks, uncertainties or other factors that may cause
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that may cause such a difference include, but
are not limited to, the Company's ability to develop and
commercialize new products, a potential delay in the regulatory
process with the U.S. Food and Drug Administration and foreign
regulatory agencies, as well as risk factors discussed under the
heading "Risk Factors" included in the Company's Annual Report on
Form 10-K for the year ended December 31, 2009, Form 10-Q for the
quarter ended September 30, 2010 and subsequent filings with the
U.S. Securities and Exchange Commission.
Contact: Richard E. Davis Chief Executive Officer NMT
Medical, Inc. (617) 737-0930 Email Contact