Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), a
global medical technology company focused on the development and
commercialization of its proprietary Vapotherm high velocity
therapy® products, which are used to treat patients of all ages
suffering from respiratory distress, today announced that it was
notified (the “Notice”) on November 30, 2022 by the New York Stock
Exchange, Inc. (the “NYSE”) that the Company is not in compliance
with the NYSE’s continued listing standard set forth in Section
802.01C of the NYSE’s Listed Company Manual because the average
closing price of the Company’s common stock was less than $1.00 per
share over a consecutive 30 trading-day period.
As set forth in the Notice, as of November 29, 2022, the
30-trading day average closing share price of the Company’s common
stock was $0.98 per share.
Pursuant to Section 802.01C, the Company has a period of six
months following receipt of the Notice to regain compliance with
the minimum share price requirement. In order to regain compliance,
on the last trading day of any calendar month during the cure
period or on the last business day of the six month cure period,
the Company’s shares of common stock must demonstrate (i) a closing
price of at least $1.00 per share and (ii) an average closing share
price of at least $1.00 over the 30 trading-day period ending on
such date.
As of December 5, 2022, the closing share price of the Company’s
common stock was $1.62 per share and the 30-trading day average
closing share price of the Company’s common stock was $1.01.
As previously disclosed in the Company’s Current Report on Form
8-K filed with the Securities and Exchange Commission (“SEC”) on
October 3, 2022 (the “October 3, 2022 Form 8-K”), the Company
received notice on September 27, 2022 that it was not in compliance
with the continued listing standard set forth in Section 802.01B of
the NYSE’s Listed Company Manual because the Company’s average
global market capitalization for the prior 30 trading-day period
was less than $50 million, and, at the same time, the Company’s
stockholders’ equity was less than $50 million. The Company timely
filed a plan to cure this deficiency with the NYSE on November 11,
2022 and this plan remains under review by the NYSE.
The Notice has no immediate impact on the listing of the
Company’s common stock, which will continue to trade on the NYSE
during the applicable cure period, subject to all other listing
requirements of the NYSE. As previously disclosed in the October 3,
2022 Form 8-K, the Company’s common stock will continue to trade
under the symbol “VAPO” with the added designation of “.BC” to
indicate that the Company is not currently in compliance with NYSE
continued listing standards. The “.BC” indicator will be removed at
such time as the Company regains compliance with all continued
listing standards.
The NYSE notification does not affect the Company’s business
operations or its SEC reporting requirements, nor does it conflict
with or cause an event of default under any of the Company’s debt
agreements.
About Vapotherm
Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and
manufacturer of advanced respiratory technology based in Exeter,
New Hampshire, USA. The Company develops innovative, comfortable,
non-invasive technologies for respiratory support of patients with
chronic or acute breathing disorders. Over 3.6 million patients
have been treated with the use of Vapotherm high velocity therapy®
systems. For more information, visit www.vapotherm.com.
Vapotherm high velocity therapy is mask-free noninvasive
ventilatory support and is a front-line tool for relieving
respiratory distress—including hypercapnia, hypoxemia, and dyspnea.
It allows for the fast, safe treatment of undifferentiated
respiratory distress with one tool. The Precision Flow system’s
mask-free interface delivers optimally conditioned breathing gases,
making it comfortable for patients and reducing the risks and care
complexities associated with mask therapies. While being treated,
patients can talk, eat, drink and take oral medication.
Website Information
Vapotherm routinely posts important information for investors on
the Investor Relations section of its website,
http://investors.vapotherm.com/. Vapotherm intends to use this
website as a means of disclosing material, non-public information
and for complying with Vapotherm’s disclosure obligations under
Regulation FD. Accordingly, investors should monitor the Investor
Relations section of Vapotherm’s website, in addition to following
Vapotherm’s press releases, SEC filings, public conference calls,
presentations and webcasts. The information contained on, or that
may be accessed through, Vapotherm’s website is not incorporated by
reference into, and is not a part of, this document.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the
Private Securities Litigation Reform Act of 1995 that involve risk
and uncertainties, including its intent to regain compliance with
the NYSE continued listing standards. In some cases, you can
identify forward-looking statements by terms such as “expect,”
“plan,” “anticipate,” “could,” “would,” “intend,” “believe,”
“estimate,” “predict,” or “continue” or the negative of these terms
or other similar expressions, although not all forward-looking
statements contain these words, and the use of future dates. Each
forward-looking statement is subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in such statement. Applicable risks and
uncertainties include, but are not limited to the following:
Vapotherm’s future financial performance and operating results; its
need for additional financing; its ability to regain compliance
with the NYSE continued listing standards; risks associated with
the move of its manufacturing operations to Mexico; its dependence
on sales generated from its Precision Flow systems; competition
from multi-national corporations who have significantly greater
resources than Vapotherm and are more established in the
respiratory market; the ability for Precision Flow systems to gain
increased market acceptance; Vapotherm’s inexperience directly
marketing and selling its products; the potential loss of one or
more suppliers and dependence on its new third party manufacturer;
Vapotherm’s susceptibility to seasonal fluctuations; Vapotherm’s
failure to comply with applicable United States and foreign
regulatory requirements; the failure to obtain U.S. Food and Drug
Administration or other regulatory authorization to market and sell
future products or its inability to secure, maintain or enforce
patent or other intellectual property protection for its products;
the impact of the COVID-19 pandemic on its business, including its
supply chain, and the other risks and uncertainties included under
the heading “Risk Factors” in Vapotherm’s Annual Report on Form
10-K for the fiscal year ended December 31, 2021, as filed with the
SEC on February 24, 2022, and Vapotherm’s most recent Quarterly
Report on Form 10-Q for the quarter ended September 30, 2022, as
filed with the SEC on November 2, 2022, and in any subsequent
filings with the SEC. The forward-looking statements contained in
this press release reflect Vapotherm’s views as of the date hereof,
and Vapotherm does not assume and specifically disclaims any
obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221206005847/en/
Investor Relations: Mark Klausner or Mike Vallie,
Westwicke, an ICR Company, ir@vtherm.com, +1 (603) 658-0011
Vapotherm (NYSE:VAPO)
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