Skyline Medical Regains Compliance with Nasdaq's Minimum Stockholders' Equity Listing Requirements
January 11 2018 - 5:15PM
Skyline Medical Inc (NASDAQ:SKLN) (“Skyline” or the “Company”),
producer of the FDA-approved STREAMWAY® System for automated,
direct-to-drain medical fluid disposal, today announced that it
received a letter from the Listing Qualifications Department of the
NASDAQ Capital Market notifying the Company that it has regained
compliance with the Nasdaq Listing Rule (the "Rule") requiring
companies to maintain a minimum of $2,500,000 in stockholders'
equity for continued listing as of January 10, 2018.
As previously disclosed, on November 21, 2017,
the Company received a notice from NASDAQ stating that the Company
was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the
"Stockholders' Equity Rule") because the Company did not have a
minimum stockholders' equity, as of September 30, 2017, of $2.5
million and the Company did not alternatively meet the market
capitalization or income from continuing operations tests.
The Company regained compliance with the
stockholders' equity requirement as a result of the completion of
two successful financings, the first of which was completed on
November 28, 2017 and totaled $1.3 million before expenses, and the
second of which was completed on January 9, 2018 and totaled
approximately $2.5 million before expenses.
About Skyline Medical
Skyline Medical produces a fully automated,
patented, FDA-cleared waste fluid disposal system that virtually
eliminates staff exposure to blood, irrigation fluid and other
potentially infectious fluids found in the healthcare environment.
Antiquated manual fluid handling methods that require hand carrying
and emptying filled fluid canisters present an exposure risk and
potential liability. Skyline Medical's STREAMWAY System fully
automates the collection, measurement and disposal of waste fluids
and is designed to: 1) reduce overhead costs to hospitals and
surgical centers; 2) improve compliance with OSHA and other
regulatory agency safety guidelines; 3) improve efficiency in the
operating room, and radiology and endoscopy departments, thereby
leading to greater profitability; and 4) provide greater
environmental stewardship by helping to eliminate the approximately
50 million potentially disease-infected canisters that go into
landfills each year in the U.S. For additional information,
please visit www.skylinemedical.com.
Forward-looking Statements
Certain of the matters discussed in this
announcement contain forward-looking statements that involve
material risks to and uncertainties in the Company's business that
may cause actual results to differ materially from those
anticipated by the statements made herein. Such risks and
uncertainties include risks related to the proposed joint ventures,
including the need to negotiate the definitive agreements for the
joint ventures; possible failure to realize anticipated benefits of
the joint ventures; and costs of providing funding to the joint
ventures. Other risks and uncertainties relating to the Company
include, among other things, current negative operating cash flows
and a need for additional funding to finance our operating plan;
the terms of any further financing, which may be highly dilutive
and may include onerous terms; unexpected costs and operating
deficits, and lower than expected sales and revenues; uncertain
willingness and ability of customers to adopt new technologies and
other factors that may affect further market acceptance, if our
product is not accepted by our potential customers, it is unlikely
that we will ever become profitable; adverse economic conditions;
adverse results of any legal proceedings; the volatility of our
operating results and financial condition; inability to attract or
retain qualified senior management personnel, including sales and
marketing personnel; our ability to establish and maintain the
proprietary nature of our technology through the patent process, as
well as our ability to possibly license from others patents and
patent applications necessary to develop products; the Company's
ability to implement its long range business plan for various
applications of its technology; the Company's ability to enter into
agreements with any necessary marketing and/or distribution
partners and with any strategic or joint venture partners; the
impact of competition, the obtaining and maintenance of any
necessary regulatory clearances applicable to applications of the
Company's technology; and management of growth and other risks and
uncertainties that may be detailed from time to time in the
Company's reports filed with the Securities and Exchange
Commission, which are available for review at www.sec.gov.
This is not a solicitation to buy or sell securities and does not
purport to be an analysis of the Company's financial position. See
the Company's most recent Annual Report on Form 10-K, and
subsequent reports and other filings at www.sec.gov.
Contacts:
Skyline MedicalCarl Schwartz, Chief Executive
Officer(651) 389-4800cschwartz@skylinemedical.com
Investors KCSA Strategic CommunicationsElizabeth
Barker (212) 896-1203 ebarker@kcsa.com
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