Diomed Holdings Reports Notice Regarding AMEX Listing Standards
June 05 2006 - 4:30PM
Business Wire
Diomed Holdings, Inc. (AMEX: DIO), a leading developer and marketer
of minimally invasive medical technologies, today announced that it
has received notice from the American Stock Exchange advising the
Company that, based on the Company's balance sheet included in its
most recent quarterly report on Form 10QSB, it did not satisfy
Section 1003(a)(ii) of the AMEX Company Guide's standards for
continued listing on the Exchange. The standard requires that a
company maintain at least $4 million in stockholders' equity if the
company has sustained losses from continuing operations in three of
its four most recent fiscal years. Application of the standard
excludes $7.9 million of the Company's mezzanine-level preferred
stock reported on its balance sheet at March 31, 2006. According to
the notice, the Company must submit a Plan by July 3, 2006 advising
the Exchange what plans it has taken or will take to bring it into
compliance with the continued listing standards within 18 months.
The Company believes it will be able to file a plan acceptable to
the Exchange and expects to do so as soon as practicable. The
Company will file a Current Report on Form 8-K with the Securities
and Exchange Commission regarding this matter. About Diomed Diomed
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products. Diomed's EVLT(R) laser vein ablation procedure
is used in varicose vein treatments. Diomed also provides
photodynamic therapy (PDT) for use in cancer treatments, and dental
and general surgical applications. The EVLT(R) procedure and the
Company's related products were cleared by the United States FDA in
January of 2002. Along with lasers and single-use procedure kits
for its EVLT(R) laser vein treatment, the Company provides its
customers with state of the art physician training and practice
development support. Additional information is available on the
Company's website: www.evlt.com. EVLT(R) is a registered trademark
of Diomed Inc., Andover, MA. Safe Harbor Safe Harbor statements
under the Private Securities Litigation Reform Act of 1995:
Statements in this news release looking forward in time involve
risks and uncertainties, including the risks associated with trends
in the products markets, reliance on third party distributors in
various countries outside the United States, reoccurring orders
under OEM contracts, market acceptance risks, technical development
risks and other risk factors. These statements relate to our future
plans, objectives, expectations and intentions. These statements
may be identified by the use of words such as "may," "will,"
"should," "potential," "expects," "anticipates," "intends,"
"plans," "believes" and similar expressions. These statements are
based on our current beliefs, expectations and assumptions and are
subject to a number of risks and uncertainties. Our actual results
could differ materially from those discussed in these statements.
Our Annual Report on Form SEC 10-KSB/A (the "Annual Report")
contains a discussion of certain of the risks and uncertainties
that affect our business. We refer you to the "Risk Factors" on
pages 23 through 38 of the Annual Report for a discussion of
certain risks, including those relating to our business as a
medical device company without a significant operating record and
with operating losses, our risks relating to our commercialization
of our current and future products and applications and risks
relating to our common stock and its market value. Diomed disclaims
any obligation or duty to update or correct any of its
forward-looking statements.
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