Vicarious Surgical Receives Continued Listing Standard Notice From NYSE
September 22 2023 - 05:00PM
Business Wire
Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”)
(NYSE: RBOT, RBOT WS), a next-generation robotics technology
company seeking to improve patient outcomes as well as both the
cost and efficiency of surgical procedures, today announced that on
September 20, 2023, it received a notice (the “Notice”) from the
New York Stock Exchange (the “NYSE”) that it is not in compliance
with Section 802.01C of the NYSE Listed Company Manual because the
average closing price of the Company’s Class A common stock was
less than $1.00 per share over a consecutive 30 trading-day period.
The Notice does not result in the immediate delisting of the
Company’s Class A common stock from the NYSE.
The Company intends to respond to the NYSE within ten business
days of receipt of the Notice affirming its intent to cure the
stock price deficiency and to return to compliance with the NYSE
continued listing standard. Pursuant to the NYSE’s rules, the
Company has a six-month period following receipt of the Notice to
regain compliance with the NYSE’s minimum share price
requirement.
The Company can regain compliance with the minimum share price
requirement at any time during the cure period if, on the last
trading day of any calendar month during the cure period, or on the
last day of the cure period, the Company’s Class A common stock has
(i) a closing share price of at least $1.00, and (ii) an average
closing share price of at least $1.00 over the 30 trading-day
period ending on the last trading day of that month or on the last
day of the cure period, as applicable. The Company intends to
consider available alternatives, including, but not limited to, a
reverse stock split, subject to Board and stockholder approval at
the Company’s next annual meeting, to regain compliance.
The Company’s Class A common stock will continue to be listed
and traded on the NYSE during this period, subject to its
compliance with other NYSE continued listing standards. The receipt
of the Notice does not affect the Company’s business, operations or
reporting requirements with the Securities and Exchange
Commission.
About Vicarious Surgical
Founded in 2014, Vicarious Surgical is a next generation
robotics company developing a disruptive technology with the goals
of increasing the efficiency of surgical procedures, improving
patient outcomes, and reducing healthcare costs. The Company’s
novel surgical approach uses proprietary human-like surgical robots
to transport surgeons inside the patient to perform minimally
invasive surgery. The Company is led by an experienced team of
technologists, medical device professionals and physicians, and is
backed by technology luminaries including Bill Gates, Vinod
Khosla’s Khosla Ventures, Innovation Endeavors, Jerry Yang’s AME
Cloud Ventures, Sun Hung Kai & Co. Ltd and Philip Liang’s E15
VC. The Company is headquartered in Waltham, Massachusetts. Learn
more at www.vicarioussurgical.com.
Forwards-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding Vicarious Surgical’s
expectations with respect to maintain the listing of Vicarious
Surgical’s Class A common stock on the NYSE and its ability to
regain compliance with the NYSE continued listing standards. The
Company’s actual results may differ from its expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. All statements other than statements of historical facts
contained herein are forward-looking statements that reflect the
current beliefs and expectations of management. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside Vicarious Surgical’s control and
are difficult to predict. The Company cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. Vicarious Surgical does not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions
or circumstances on which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20230922518064/en/
Investor Contact Kaitlyn Brosco
Kbrosco@vicarioussurgical.com
Marissa Bych Gilmartin Group Marissa@gilmartinir.com
Press and Media Inquiries Abby Mayo for Matter Health
Matter Communications media@vicarioussurgical.com
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