Cytori Therapeutics, Inc. (NASDAQ: CYTX) today announced that it has
received formal confirmation from The Nasdaq Stock Market LLC (“Nasdaq”)
that Cytori’s request for an oral hearing with the Nasdaq Hearing Panel
(“Panel”) has been granted. The hearing will occur on January 21, 2016
at Nasdaq’s Washington, D.C. offices. During the period prior to the
hearing, Cytori’s common stock will continue to trade on The Nasdaq
Global Market (“NGM”). Cytori intends to present a plan to the Hearing
Panel that will allow it to remain on the NGM. As an alternative, Cytori
believes that it is fully eligible to transfer to The Nasdaq Capital
Market (“NCM”), in which case it would be entitled to rely on a second
180-day period (retroactively measured from December 1, 2015). During
this second 180-day period, if required Cytori will be in a position to
effect a reverse stock split to bring the bid price of its common stock
above the minimum $1 threshold.
As Cytori reported on December 7, 2015, it received a determination
letter from the Nasdaq staff stating that it has yet to regain
compliance with the minimum bid price requirement for continued listing
set forth in Nasdaq Marketplace Rule 5450(a)(1). Upon receipt of the
determination letter, Cytori chose to pursue a hearing in front of the
Hearing Panel rather than seek an immediate transfer to the NCM because
management believes that pursuing a hearing allows it the opportunity to
present a comprehensive plan to regain compliance with NGM continued
listing requirements.
About Cytori
Cytori Therapeutics is a late stage cell therapy company developing
autologous cell therapies from adipose tissue to treat a variety of
medical conditions. Data from preclinical studies and clinical trials
suggest that Cytori Cell Therapy™ acts principally by improving blood
flow, modulating the immune system, and facilitating wound repair. As a
result, Cytori Cell Therapy™ may provide benefits across multiple
disease states and can be made available to the physician and patient at
the point-of-care through Cytori’s proprietary technologies and
products. For more information: visit www.cytori.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes forward-looking statements that involve
known and unknown risks and uncertainties. All statements, other than
historical facts are forward looking statements. Such statements are
subject to risks and uncertainties that could cause our actual results
and financial position to differ materially. Some of these risks include
Cytori’s ability to cause its common stock to remain listed on The
Nasdaq Stock Market, and other risks and uncertainties described under
the “Risk Factors” in Cytori’s Securities and Exchange Commission
Filings, included in our annual and quarterly reports.
There may be events in the future that we are unable to predict, or over
which we have no control, and our business, financial condition, results
of operations and prospects may change in the future. We assume no
responsibility to update or revise any forward-looking statements to
reflect events, trends or circumstances after the date they are made
unless we have an obligation under U.S. Federal securities laws to do so.
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Last updated on: 11/12/2015