Invacare Corporation Receives Notice of Noncompliance with NYSE Trading Share Price Listing Rule
29 Settembre 2022 - 10:26PM
Business Wire
Intends to Cure Deficiency and Return to
Compliance with NYSE Listing Standard
Invacare Corporation (NYSE: IVC) today announced that it
received notice from the New York Stock Exchange (the “NYSE”) that
the company is not in compliance with Section 802.01C of the NYSE
Listed Company Manual because the average closing price of the
company’s Common Shares 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 Common Shares from the
NYSE.
The company plans to notify the NYSE by October 7, 2022 that the
company intends to cure the stock price deficiency and to return to
compliance with the NYSE continued listing standard. The company
can regain compliance at any time within the six-month period
following receipt of the NYSE notice if on the last trading day of
any calendar month during the six-month period the company has a
closing share price of at least $1.00 and 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. The company intends to consider
available alternatives, including, but not limited to, a reverse
stock split, subject to shareholder approval no later than at the
company’s next annual meeting of shareholders, if necessary to cure
the stock price non-compliance. Under the NYSE’s rules, if the
company determines that it will cure the stock price deficiency by
taking an action that will require shareholder approval at its next
annual meeting of shareholders, the price condition will be deemed
cured if the price promptly exceeds $1.00 per share, and the price
remains above that level for at least the following 30 trading
days.
The company’s Common Shares will continue to be listed and trade
on the NYSE during this period, subject to the company’s compliance
with other NYSE continued listing standards.
About Invacare Corporation
Invacare Corporation is a leading manufacturer and distributor
in its markets for medical equipment used in non-acute care
settings. At its core, the company designs, manufactures and
distributes medical devices that help people to move, breathe, rest
and perform essential hygiene. The company provides clinically
complex medical device solutions for congenital (e.g., cerebral
palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke,
spinal cord injury, traumatic brain injury, post-acute recovery,
pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis,
chronic obstructive pulmonary disease (COPD), elderly, bariatric)
ailments. The company's products are important parts of care for
people with a wide range of challenges, from those who are active
and involved in work or school each day and may need additional
mobility or respiratory support, to those who are cared for in
residential care settings, at home and in rehabilitation centers.
The company sells its products principally to home medical
equipment providers with retail and e-commerce channels,
residential care operators, distributors and government health
services in North America, Europe and Asia/Pacific. For more
information about the company and its products, visit Invacare's
website at www.invacare.com.
This press release contains forward-looking statements within
the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are those that describe future outcomes or expectations
that are usually identified by words such as “will,” “should,”
“could,” “plan,” “intend,” “expect,” “continue,” “forecast,”
“believe,” and “anticipate” and include, for example, statements
related to the company’s intention to consider alternatives to cure
the NYSE continued listing requirement deficiency; ability to
address on-going supply chain challenges; sales and free cash flow
trends; the impact of contingency plans and cost containment
actions; the company’s liquidity and working capital expectations;
the company’s future financial results; and similar statements.
Actual results and events may differ significantly from those
expressed or anticipated as a result of various risks and
uncertainties, including the company’s ability to regain compliance
with the continued listing standards of the NYSE within the
applicable cure period, the company’s ability to continue to comply
with applicable listing standards of the NYSE, the availability and
cost to the company of needed products, components or raw materials
from the company's suppliers, including delivery delays and
production interruptions from pandemic-related supply chain
challenges and supplier delivery holds resulting from past due
payables; the duration and scope of the COVID-19 pandemic, the pace
of resumption of access to healthcare, including clinics and
elective care, and loosening of public health restrictions, or any
reimposed restrictions on access to healthcare or tightening of
public health restrictions, which could impact the demand for the
company’s products; global shortages in, or increasing costs for,
transportation and logistics services and capacity; actions that
governments, businesses and individuals take in response to the
pandemic, including mandatory business closures and restrictions on
onsite commercial interactions; the impact of the pandemic or
political or geopolitical crises, such as Russia's invasion of
Ukraine, and actions taken in response, on global and regional
economies and economic activity; the pace of recovery when the
COVID-19 pandemic subsides; general economic uncertainty in key
global markets and a worsening of global economic conditions or low
levels of economic growth, including negative conditions
attributable to inflationary economic conditions; the effects of
steps the company has taken or will take to reduce operating costs;
the ability of the company to sustain profitable sales growth,
achieve anticipated improvements in segment operating performance,
convert high inventory levels to cash or reduce its costs; lack of
market acceptance of the company's new product innovations;
potential adverse effects of revised product pricing and/or product
surcharges on revenues or the demand for the company's products;
circumstances or developments that may make the company unable to
implement or realize the anticipated benefits, or that may increase
the costs, of its current and planned business initiatives, in
particular the key elements of its growth plans, such as its new
product introductions, commercialization plans, additional
investments in demonstration equipment, product distribution
strategy in Europe, supply chain actions and global information
technology outsourcing and ERP implementation activities; possible
adverse effects on the company's liquidity, including (i) the
company's ability to address future debt maturities or other
obligations, including additional debt that may be incurred in the
future or (ii) the company's ability to access the remaining
portion of the financing under the July 2022 financing transactions
(as discussed in the notes to the condensed consolidated financial
statements) in the event of a failure to satisfy one or more of the
applicable closing conditions; increases in interest rates or the
costs of borrowing; potential limitations on the company’s business
activities from obligations in the company’s debt agreements;
adverse changes in government and third-party payor reimbursement
levels and practices; decreased availability or increased costs of
materials which could increase the company's cost of producing or
acquiring the company's products, including the adverse impacts of
tariffs and increases in commodity costs or freight costs;
regulatory proceedings or the company's failure to comply with
regulatory requirements or receive regulatory clearance or approval
for the company's products or operations; adverse effects of
regulatory or governmental inspections of the company's facilities
at any time and governmental enforcement actions; exchange rate
fluctuations, particularly in light of the relative importance of
the company's foreign operations to its overall financial
performance; and those other risks and uncertainties expressed in
the cautionary statements and risk factors in the company's annual
report on Form 10-K, quarterly reports on Form 10-Q and other
filings with the Securities and Exchange Commission. The company
may not be able to predict and may have little or no control over
many factors or events that may influence its future results and,
except as required by law, shall have no obligation to update any
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220928005701/en/
Lois Lee loislee@invacare.com 440-329-6435
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