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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): August 30, 2024
SS
INNOVATIONS INTERNATIONAL, INC.
(Exact
name of registrant as specified in its charter)
Florida |
|
000-56608 |
|
47-3478854 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
1600
SE 15th Street, #512
Fort Lauderdale, Florida |
|
33316 |
(Address of Principal Executive
Offices) |
|
(Zip Code) |
Registrant’s
telephone number, including area code: (954) 478-1410
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each Class |
|
Trading
Symbol |
|
Name
of each exchange on which
registered |
None |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
As
used in this Current Report on Form 8-K (this “Report”), the terms “SSi,” “the Company,”
“we,” “us” and “our” refer to SS Innovations International, Inc. and its subsidiaries.
Item
8.01 Other Events.
On
August 30, 2024, we issued a press release updating our shareholders and the investment community on the status of SSi’s audit
process and the trading market for its common stock.
A
copy of the press release is included as Exhibit 99.1 to this Report.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: August 30, 2024 |
SS INNOVATIONS INTERNATIONAL, INC. |
|
|
|
|
By: |
/s/
Sudhir Srivastava |
|
|
Sudhir Srivastava, M.D.
Chairman and Chief Executive Officer |
2
Exhibit
99.1
SS
Innovations Issues Update on Status of Audit Process and Trading Market for Common Stock
Fort
Lauderdale, FL., August 30 2024 - SS Innovations International, Inc. (the Company” or “SS Innovations”) (OTC:
SSII), developer of innovative surgical robotic technologies dedicated to making world-class robotic surgery affordable and
accessible to a global population, today issued an update to its shareholders and the investment community on the status of its
audit process and the trading market for its common stock.
As
previously reported in its Securities and Exchange Commission (“SEC”) filings, in May 2024, the Securities and Exchange
Commission entered an order barring BF Borgers CPA PC (“Borgers”), the Company’s then independent registered
public accounting firm, from appearing or practicing before the SEC as an accountant. As a result, Borgers could no longer act as the
independent registered public accounting firm for the Company (or several hundred other public companies who had also engaged Borgers).
Consequently, the Company terminated the engagement of Borgers and retained BDO India (“BDO”) as its independent registered
public accounting firm.
Given
the circumstances giving rise to Borgers’ dismissal, the Company asked BDO to re-audit the Company’s financial statements
as of and for the years ended December 31, 2023 and December 31, 2022, and contemporaneously therewith undertook an internal review of
certain accounting policies and internal controls and procedures.
In
the course of this internal review and while BDO is performing the reaudit, the Company determined and reported in an August 14, 2024
Form 8-K filing with the SEC that, among other items, it would restate its audited financial statements for the years ended December
31, 2023 and December 31, 2022 and its interim unaudited financial statements for the quarters ended March 31, 2023, June 30, 2023, September
30, 2023 and March 31, 2024. Please refer to the August 14, 2024 Form 8-K filing for full details.
The
Company is working diligently with BDO to complete the audit and the restated financial statements and file the required amendments to
its SEC reports. Moreover, as further reported by the Company in its August 14, 2024 Form 8-K filing, the Company’s Form 10-Q
Quarterly Report for the quarter ended June 30, 2024 would not be filed on a timely basis.
As
the Company was not able to meet the filing deadline, OTC Markets, Inc. moved the Company’s common stock from the OTC Pink Tier
of the over-the-counter market to the Expert Market Tier.
The
Expert Market is an extremely limited market for OTC companies that are not current in their filing requirements. It is used by broker-dealers
to publish quotes from customer limit orders. The public cannot access such quotes, which are only available to broker-dealers. Accordingly,
the Expert Market has extremely limited liquidity and we do not believe that the quotations on the Expert Market are reflective of the
Company’s market value.
As
previously noted, the Company is moving with all diligence to complete the reaudit, filing the necessary amended SEC reports and as soon
as practicable, becoming current with its SEC reporting requirements. When it does, the Company’s common stock will be automatically
restored to quotation on the OTC Pink Tier of the over-the-counter market and the Company will continue its efforts to complete an uplisting
of its common stock.
It
is important to note that the unfortunate consequences of the Borgers SEC sanctions in no way have adversely impacted the Company’s
operations and growth as disclosed in its SEC reports and press releases. Moreover, as reported in a Form 8-K filing on August 22, 2024,
two new independent directors have recently joined SSi’s board of directors – Dr. Frederic H. Moll, a pioneer executive in
the surgical robotics field with 30 years of experience who founded and co-founded multiple surgical robotics companies, including Intuitive
Surgical, Inc, a world leader in surgical robotics and Timothy P. Adams, a well-known and highly regarded healthcare executive with over
30 years of hospital operations experience.
About
SS Innovations International, Inc.:
SS
Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies with a vision to make the benefits
of robotic surgery affordable and accessible to a larger part of the global population. SSII’s product range includes its proprietary
“SSi Mantra” surgical robotic system, and “SSi Mudra” its wide range of surgical instruments capable of supporting
a variety of surgical procedures including robotic cardiac surgery. SSII’s business operations are headquartered in India and SSII
has plans to expand the presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions, globally.
For more information, visit SSII’s website at ssinnovations.com or LinkedIn for updates.
About
SSI Mantra:
Supporting
advanced, affordable, and accessible robotic surgery, the SSi Mantra Surgical Robotic System provides the capabilities for multi-specialty
usage including cardiothoracic, head and neck, gynecology, urology, general surgery and more. With its modular arm configuration, 3D
4K vision open-console design and superior ergonomics, the system engages with the surgeon and surgical teams to improve safety and efficiency
during procedures. The SSi Mantra system has received Indian Medical Device regulatory approval (CDSCO) and is clinically validated in
India in more than 70 different types of surgical procedures. SS Innovations has commenced the regulatory approval process in the United
States and the European Union and anticipates receiving FDA approval to market and CE Mark approval in 2025.
Forward-Looking
Statements:
This
press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,”
“expect,” “will,” “intend,” “may,” “plan,” “project,” “should,”
“could,” “seek,” “designed,” “potential,” “forecast,” “target,”
“objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking
statements. These statements relate to future events or SS Innovations International’s future financial performance and involve
known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements
to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking
statements.
Follow
us on:
LinkedIn:
https://www.linkedin.com/company/ssinnovationsgroup/
YouTube:
https://www.youtube.com/@ssinnovations
For
media inquiries, please contact:
press@ssinnovations.org
+1-212-739-0300
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