Stereotaxis Common Stock to Begin Trading on OTCQX on August 4, 2016
August 03 2016 - 4:15PM
Stereotaxis, Inc. (NASDAQ:STXS), a global leader in innovative
technologies for the treatment of cardiac arrhythmias, announced
today that its shares of common stock will be eligible for trading
on the OTCQX® Best Market, effective with the open of business on
August 4, 2016.
As the premium market for U.S. over-the-counter securities,
OTCQX offers transparent and efficient trading of established,
investor-focused U.S. and global companies. To qualify for the
OTCQX market, companies must meet high financial standards, follow
best practice corporate governance, demonstrate compliance with
U.S. securities laws, be current in their disclosure, and be
sponsored by a professional third-party advisor. The Company
expects that its shares will continue to trade on the OTCQX under
the Company’s current symbol “STXS.”
On August 2, 2016, Stereotaxis received a letter from The NASDAQ
Stock Market LLC notifying the Company that, based upon the
Company’s continued non-compliance with the market value of listed
securities requirement, which required that Stereotaxis evidence a
minimum market capitalization of $35 million, the Company’s
securities would be delisted from NASDAQ effective with the open of
business on August 4, 2016.
Stereotaxis will continue to file periodic and other required
reports with the Securities and Exchange Commission under
applicable federal securities laws.
About OTC Markets Group, Inc. OTC Markets Group
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About StereotaxisStereotaxis is a healthcare
technology and innovation leader in the development of robotic
cardiology instrument navigation systems designed to enhance the
treatment of arrhythmias and coronary disease, as well as
information management solutions for the interventional lab. Over
100 issued patents support the Stereotaxis platform, which helps
physicians around the world provide unsurpassed patient care with
robotic precision and safety, improved lab efficiency and
productivity, and enhanced integration of procedural information.
Stereotaxis' core Epoch® Solution includes the Niobe® magnetic
navigation system, the Odyssey® portfolio of lab optimization,
networking and patient information management solutions, and the
Vdrive® robotic navigation system and consumables.
The core components of Stereotaxis’ systems have received
regulatory clearance in the United States, European Union, Canada,
China, Japan, and elsewhere. The V-Sono™ ICE catheter manipulator,
V-Loop™ variable loop catheter manipulator, and V-CAS™ catheter
advancement system have received clearance in the United States,
Canada, and the European Union. The V-CAS Deflect™ catheter
advancement system is available for use in the European Union. For
more information, please visit www.stereotaxis.com.
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe”, "estimate”, "project”, "expect" or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, the
Company's ability to raise additional capital on a timely basis and
on terms that are acceptable, its ability to continue to manage
expenses and cash burn rate at sustainable levels, its ability to
continue to work with lenders to extend, repay or refinance
indebtedness on acceptable terms, continued acceptance of the
Company's products in the marketplace, the effect of global
economic conditions on the ability and willingness of customers to
purchase its systems and the timing of such purchases, competitive
factors, changes resulting from the recently enacted healthcare
reform in the United States, including changes in government
reimbursement procedures, dependence upon third-party vendors,
timing of regulatory approvals, and other risks discussed in the
Company's periodic and other filings with the Securities and
Exchange Commission. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. There can be
no assurance that the Company will recognize revenue related to its
purchase orders and other commitments in any particular period or
at all because some of these purchase orders and other commitments
are subject to contingencies that are outside of the Company's
control. In addition, these orders and commitments may be revised,
modified, delayed or canceled, either by their express terms, as a
result of negotiations, or by overall project changes or
delays.
Company Contact:
Martin C. Stammer
Chief Financial Officer
314-678-6155
Investor Contact:
Todd Kehrli / Jim Byers
MKR Group, Inc.
323-468-2300
stxs@mkr-group.com