CANTON, Mass., Jan. 7, 2019 /PRNewswire/ -- Organogenesis
Holdings Inc. (the "Company") (Nasdaq: ORGO; ORGOW) today announced
that on January 4, 2019, the Company
was notified by The Nasdaq Stock Market LLC ("Nasdaq") that, based
on the plan of compliance presented by the Company at its
hearing, the Nasdaq Hearings Panel (the "Panel") has granted
the Company's request for the continued listing of its Class A
common stock on The Nasdaq Capital Market. Pursuant to the Panel's
decision, on or before March 31,
2019, the Company is required to demonstrate to the
satisfaction of Staff and the Panel that it has a minimum of 300
round lot shareholders of its Class A common stock and that it
otherwise meets all applicable requirements for listing on
Nasdaq.
In furtherance of the Panel's decision, the trading halt of the
Company's Class A common stock, which was initiated on October 30, 2018, will be lifted upon the open of
the market on January 8, 2019, at
which time the Company's Class A common stock will resume trading
on The Nasdaq Capital Market. The halt will be lifted
notwithstanding the Company's non-compliance with the round lot
shareholder requirement for initial listing of its common stock to
allow the Company to execute its plan of compliance.
Although the Company is taking definitive steps to timely
evidence compliance with the terms of the Panel's decision, there
can be no assurance that it will be able to do so. In the event the
Company is unable to demonstrate to the satisfaction of Staff and
the Panel that it has a minimum of 300 round lot holders of its
Class A common stock and that it otherwise meets all applicable
requirements for listing on Nasdaq by March
31, 2019, the Company's Class A common stock would be
subject to delisting. In addition, the Panel's decision is subject
to "call for review" by the Nasdaq Listing and Hearing Review
Council (the "Listing Council"), on its own motion, for a period of
45 calendar days from the date of the Panel's decision. In the
event the Listing Council calls this matter for review, it may
affirm, modify or reverse the decision of the Panel.
Because the Company does not expect to satisfy the 400 round lot
holder requirement for its warrants in the near term, the Panel has
determined to delist the warrants. As a result, the trading
halt in the Company's warrants will be converted to a trading
suspension effective at the open of the market on January 8, 2019, at which time the warrants are
expected to be eligible to trade "over-the-counter" on the OTC
Markets system under the trading symbol "ORGOW."
About Organogenesis Holdings Inc.
Organogenesis is a
leading regenerative medicine company offering a portfolio of
bioactive and acellular biomaterials products in advanced wound
care and surgical biologics, including orthopedics and spine.
Organogenesis's comprehensive portfolio is designed to treat a
variety of patients with repair and regenerative needs. For more
information, visit www.organogenesis.com.
Forward-Looking Statements
The Company makes
forward-looking statements in this report within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements relate to expectations or forecasts for
future events. Forward-looking statements may be identified by the
use of words such as "will," "forecast," "intend," "seek,"
"target," "anticipate," "believe," "expect," "estimate," "plan,"
"outlook," "extend," and "project" and other similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. Such forward looking statements
include statements relating to the Company's ability to demonstrate
compliance with the 300 round lot shareholder requirement and other
applicable listing standards and maintain compliance with all
applicable Nasdaq listing rules. Forward looking statements with
respect to the continued listing of the Company's Class A common
stock are based on current expectations that are subject to known
and unknown risks and uncertainties, which could cause actual
results or outcomes to differ materially from expectations
expressed or implied by such forward looking statements. These
factors include, but are not limited to: (1) the Company's ability
to successfully implement its plan of compliance to increase the
number of round lot holders of its Class A common stock and
otherwise maintain compliance with applicable Nasdaq listing
standards; (2) the Company's ability to recognize the benefits of
its recent business combination, which may be affected by, among
other things, competition, the ability of the combined company to
grow and manage growth profitably, maintain relationships with
customers and suppliers and retain its management and key
employees; (3) changes in applicable laws or regulations; (4) the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; and (5) other risks
and uncertainties described in other documents filed or to be filed
by the Company with the Securities and Exchange Commission.
Although they may voluntarily do so from time to time, the Company
undertakes no commitment to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Press and Media Inquiries:
Press Inquiries:
Angelyn Lowe
alowe@organo.com
781-774-9364
Investor Inquiries:
Westwicke Partners
Mike Piccinino, CFA
OrganoIR@westwicke.com
443-213-0500
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SOURCE Organogenesis Inc.