EXETER,
N.H., Dec. 14, 2023 /PRNewswire/ -- Vapotherm,
Inc. (NYSE: VAPO), ("Vapotherm" or the "Company") today announced
it has received notice that the New York Stock Exchange ("NYSE")
has determined to suspend trading of – and commence proceedings to
delist – shares of the Company's common stock, effective
immediately. This suspension was made because the Company fell
below the NYSE's continued listing standard requiring listed
companies to maintain an average global market capitalization over
a consecutive 30 trading day period of at least $15 million.
Vapotherm anticipates that its common stock will begin trading
on the OTCQX Market ("OTCQX"), the highest market tier operated by
OTC Markets Group, Inc. on December 15,
2023 under its current symbol VAPO. Investors are
expected to continue to be able to access accurate information,
including stock price quotes, and execute trades. For quotes or
additional information on OTC Markets, investors may
visit otcmarkets.com.
Stockholders will not be required to exchange any shares, and
the Company expects electronic trading to be available without any
material disruption.
The change in Vapotherm's listing status does not impact the
Company's business or commitment to execute against its pathway to
profitability initiatives.
Commenting on the move to OTCQX, Joseph
Army, Vapotherm's President and Chief Executive Officer,
stated, "We have been evaluating our options for some time and have
concluded that, for Vapotherm, the cost of an NYSE listing, and the
management attention required to maintain compliance with NYSE
listing standards, outweighs the benefits of trading on that
exchange. Eliminating the effort required to maintain
compliance with NYSE size and price standards will better enable us
to focus on our customers, our business, and the patients whose
lives are enhanced as a result of our work."
Vapotherm will remain subject to the periodic reporting
requirements of the Securities Exchange Act of 1934, as amended,
and currently intends to maintain an independent Board of Directors
with corporate governance rules and oversight committees.
Additional information related to this announcement will be
included in a Current Report on Form 8-K to be filed with the
SEC.
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 4.1 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 non-invasive
respiratory 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 HVT 2.0 and Precision Flow
systems' 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, including
statements about the timing and effect of the delisting of the
Company's common stock from the NYSE and transfer to OTCQX, the
Company's expectation that electronic trading of its common stock
will continue to be available without any material disruption and
its intent to maintain an independent Board of Directors with
corporate governance rules and oversight committees. In some
cases, you can identify forward-looking statements by terms such as
"expect," "anticipate," "continue," "plan," "intend," "will," or
"typically," 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 risks associated with the delisting of the
Company's common stock from the NYSE and the trading of the
Company's common stock on OTCQX, and the impact of these changes on
the trading and price of the Company's common stock; logistical
issues associated with transferring the trading of the Company's
common stock from the NYSE to OTCQX; the Company's ability to
satisfy the criteria for having its common stock trade on OTCQX;
the risk that active market will not be maintained for the
Company's common stock after the delisting, 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, 2022, as filed with the
SEC on February 23, 2023, and in its
subsequent filings with the SEC, including its Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2023. 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.
Investor Relations Contacts:
John Landry, SVP & CFO,
ir@vtherm.com, +1 (603) 658-0011
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SOURCE Vapotherm, Inc.
