Amedica Announces Delayed Filing of Quarterly Report on Form 10-Q and Receipt of Nasdaq Letter
May 26 2017 - 9:00AM
Marketwired
Amedica Announces Delayed Filing of Quarterly Report on Form
10-Q and Receipt of Nasdaq Letter
SALT LAKE CITY, UT-(Marketwired - May 26, 2017) - Amedica
Corporation (NASDAQ: AMDA), an innovative biomaterial company which
develops and manufactures silicon nitride as a platform for
biomedical applications, announced today that it has delayed the
filing of its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2017 ("Form 10-Q").
On May 16, 2017, Amedica filed a Form 12b-25, Notification of
Late Filing, with the Securities and Exchange Commission (the
"SEC") regarding its delayed Form 10-Q. Prior to filing the Form
10-Q the Company requires additional time to fully consider whether
there is any potential impairment in relation to certain of its
long-lived assets in connection with the completion of the audit of
its 2016 financial results and the filing of its 2016 Annual Report
on Form 10-K. Management and the Audit Committee of the Company's
Board of Directors are continuing to work diligently to complete
its Annual Report on Form 10-K for the fiscal year ended December
31, 2016 and file it with the SEC as soon as possible. Upon filing
of the annual report the Company expects to promptly file the Form
10-Q.
Because the filing of the Company's Form 10-Q has been delayed
beyond the 5-day extension period of Form 12b-25, on May 23, 2017,
Amedica received a written notice from the Listing Qualifications
Department of The Nasdaq Stock Market ("NASDAQ") indicating that
the Company is not in compliance with Listing Rule 5250(c)(1)
because the Company has failed to file its Quarterly Report on Form
10-Q for the quarter ended March 31, 2017.
Under the NASDAQ Listing Rules, because the Company is also
delinquent on filing its Annual Report on Form 10-K for the period
ended December 31, 2016, the Company has until June 19, 2017 to
submit a plan to NASDAQ as to how it plans to regain compliance
with NASDAQ's continued listing requirements. If the Company is
still unable to file its Form 10-K and Form 10-Q by that time, then
the Company intends to submit a compliance plan on or prior to that
date. If NASDAQ accepts the Company's plan, NASDAQ can grant an
exception of up to 180 calendar days from the filing's due date, or
until September 27, 2017, to regain compliance. The Company may
regain compliance at any time during this 180-day period upon
filing with the SEC its Form 10-K and Form 10-Q, as well as all
subsequent required periodic financial reports that are due within
that period. If NASDAQ does not accept the Company's plan, Amedica
will have the opportunity to appeal that decision to a NASDAQ
Hearings Panel.
The NASDAQ notification letter has no immediate effect on the
listing of Amedica's common stock on the NASDAQ Capital Market.
About Amedica Corporation Amedica is focused on the development
and application of medical-grade silicon nitride ceramics. Amedica
markets spinal fusion products and is developing a new generation
of wear- and corrosion-resistant implant components for hip and
knee arthroplasty. The Company manufactures its products in its ISO
13485 certified manufacturing facility and, through its partnership
with Kyocera, the world's largest ceramic manufacturer. Amedica's
spine products are FDA-cleared, CE-marked, and are currently
marketed in the U.S. and select markets in Europe and South America
through its distributor network and its OEM partnerships.
For more information on Amedica or its silicon nitride material
platform, please visit www.amedica.com.
Cautionary Note Regarding Forward-Looking Statements This press
release contains statements that constitute forward-looking
statements within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. These statements are
based upon our current expectations and speak only as of the date
hereof. Our actual results may differ materially and adversely from
those expressed in any forward-looking statements as a result of
various factors and uncertainties. For example, there can be no
assurance that we will be able to maintain our listing on any
NASDAQ market. Other factors that could cause actual results to
differ materially from those contemplated within this press release
can also be found in Amedica's Risk Factors disclosure in its
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (SEC) on March 23, 2016, and in Amedica's other filings
with the SEC. Forward-looking statements contained in this press
release speak only as of the date of this press release. We
undertake no obligation to update any forward-looking statements as
a result of new information, events or circumstances or other
factors arising or coming to our attention after the date
hereof.
Contact: Amedica IR 801-839-3502 IR@amedica.com
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