FARMINGDALE, N.Y., Nov. 28, 2016 /PRNewswire/ -- Misonix,
Inc. (NASDAQ: MSON) ("Misonix" or the "Company"), an
international surgical device company that designs, manufactures
and markets innovative therapeutic ultrasonic products for spine
surgery, neurosurgery, wound debridement, skull based surgery,
laparoscopic surgery and other surgical applications, announced
that The Nasdaq Stock Market LLC ("Nasdaq") has accepted the
Company's plan to regain compliance with Nasdaq Listing Rule
5250(c)(1) which would permit the continued listing of Misonix
common stock on the Nasdaq Global Market.
As previously disclosed, on September 15,
2016, the Company received a deficiency letter from Nasdaq
indicating that the Company, as a result of not filing its Annual
Report on Form 10-K ("10-K") on September
13, 2016, was not in compliance with Listing Rule 5250(c)(1)
of the Nasdaq Listing Rules (the "Listing Rules") for continued
listing. In addition, on November 10,
2016, the Company received a second deficiency letter from
Nasdaq indicating that the Company, as a result of not filing its
Quarterly Report on Form 10-Q (the "10-Q") by November 9, 2016, together with its prior and
ongoing failure to timely file its 10-K, was not in compliance with
Listing Rule 5250(c)(1) for continued listing. In the letters,
Nasdaq requested that Misonix submit a plan to regain compliance
with the Listing Rules by November 14, 2016.
On November 14, 2016, Misonix
submitted to Nasdaq a plan to regain compliance with the Listing
Rules. After reviewing Misonix's plan to regain compliance, Nasdaq
granted an exception to enable the Company to regain compliance
with the Listing Rules. Under the terms of the exception, Misonix
must file its 10-K and 10-Q on or before March 13, 2017. In the event that Misonix does
not satisfy the terms set forth in the extension, Nasdaq will
provide written notification that Misonix's common stock will be
delisted. At that time, Misonix may appeal Nasdaq's determination
for a panel review.
About Misonix
Misonix, Inc. designs, develops,
manufactures and markets therapeutic ultrasonic medical devices.
Misonix's therapeutic ultrasonic platform is the basis for several
innovative medical technologies. Addressing a combined market
estimated to be in excess of $1.5
billion annually; Misonix's proprietary ultrasonic medical
devices are used in spine surgery, neurosurgery, orthopedic
surgery, wound debridement, cosmetic surgery, laparoscopic surgery,
and other surgical and medical applications. Additional
information is available on the Company's Web site at
www.misonix.com.
Safe Harbor Statement
With the exception of
historical information contained in this press release, content
herein may contain "forward looking statements" that are made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based on
management's current expectations and are subject to uncertainty
and changes in circumstances. Investors are cautioned that
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from the statements
made. These factors include general economic conditions, delays and
risks associated with the performance of contracts, risks
associated with international sales and currency fluctuations,
uncertainties as a result of research and development, acceptable
results from clinical studies, including publication of results and
patient/procedure data with varying levels of statistical
relevancy, risks involved in introducing and marketing new
products, potential acquisitions, consumer and industry acceptance,
litigation and/or court proceedings, including the timing and
monetary requirements of such activities, the timing of finding
strategic partners and implementing such relationships, regulatory
risks including approval of pending and/or contemplated 510(k)
filings, the ability to achieve and maintain profitability in the
Company's business lines, the completion of the investigation
related to identified deficiencies in internal control over
financial reporting, and other factors discussed in the Company's
Annual Report on Form 10-K, subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. The Company disclaims any
obligation to update its forward-looking relationships.
Corporate
Contact
|
Investor
Contact
|
Misonix
Contact:
|
Joe
Diaz
|
Joseph
Dwyer
|
Lytham
Partners
|
631-694-9555
|
602-889-9700
|
invest@misonix.com
|
info@misonix.com
|
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SOURCE Misonix, Inc.