Xtant Medical Regains Compliance with NYSE American Continued Listing Standards
October 06 2020 - 7:00AM
Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global
medical technology company focused on surgical solutions for the
treatment of spinal disorders, today announced that it received
notification from the NYSE American LLC yesterday that the Company
has regained compliance with all of the continued listing
standards, including in particular the requirement under NYSE
American Company Guide Section 1003(a)(iii) that requires a listed
issuer to maintain stockholders’ equity of at least $6 million if
it has reported losses from continuing operations, and/or net
losses, in its five most recent fiscal years.
The return to compliance was achieved as a result of the
Company’s recently-consummated debt restructuring transaction in
which the Company issued approximately 57.8 million shares of its
common stock to the lenders under its credit facility in exchange
for approximately $40.8 million of the aggregate outstanding
principal amount of loans outstanding under the credit facility, as
well as, without duplication, approximately $21.1 million of the
outstanding amount of PIK Interest (as defined in the credit
agreement) (such loans and PIK Interest, referred to as the
“exchanging loans”), plus all other accrued and unpaid interest on
the exchanging loans outstanding as of the closing date, at an
exchange price of $1.07 per share.
At the opening of trading today, the below compliance (“.BC”)
indicator will no longer be disseminated and the Company will be
removed from the list of NYSE American noncompliant issuers on the
NYSE American’s website.
About Xtant Medical Holdings,
Inc.
Xtant Medical Holdings, Inc. (www.xtantmedical.com) is a global
medical technology company focused on the design, development, and
commercialization of a comprehensive portfolio of orthobiologics
and spinal implant systems to facilitate spinal fusion in complex
spine, deformity and degenerative procedures. Xtant’s people are
dedicated and talented, operating with the highest integrity to
serve our customers.
The symbols ™ and ® denote trademarks and registered trademarks
of Xtant Medical Holdings, Inc. or its affiliates, registered as
indicated in the United States, and in other countries. All other
trademarks and trade names referred to in this release are the
property of their respective owners.
Cautionary Statement
Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements that are
predictive in nature, that depend upon or refer to future events or
conditions, or that include words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “continue,” “future,” “will,”
“may,” “continue,” similar expressions or the negative thereof, and
the use of future dates. The Company cautions that its
forward-looking statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, among others: risks
and uncertainties surrounding the restructuring transactions,
including without limitation, the Company’s ability to continue to
comply with the continued listing standards of the NYSE American
and maintain its listing, and the timing and success of the
anticipated rights offering; the effect of the COVID-19 pandemic on
the Company’s business, operating results and financial condition;
the Company’s future operating results and financial performance;
the ability to increase or maintain revenue; the ability to remain
competitive; the ability to innovate and develop new products; the
ability to engage and retain qualified personnel; government and
third-party coverage and reimbursement for Company products; the
ability to obtain and maintain regulatory approvals and comply with
government regulations; the effect of product liability claims and
other litigation to which the Company may be subject; the effect of
product recalls and defects; the ability to obtain and protect
Company intellectual property and proprietary rights and operate
without infringing the rights of others; the ability to service
Company debt, comply with its debt covenants and access additional
indebtedness; the ability to obtain additional financing and other
factors. Additional risk factors are contained in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2019, as
supplemented by subsequent disclosures in the Company’s Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2020
and in future Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Investors are encouraged to read the Company’s filings
with the SEC, available at www.sec.gov, for a discussion of these
and other risks and uncertainties. The Company undertakes no
obligation to release publicly any revisions to any forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events, except as
required by law. All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in
their entirety by this cautionary statement.
Investor Relations Contact
David CareyLazar FINNPh: 212-867-1762Email:
david.carey@finnpartners.com
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