Sonendo, Inc. Announces Receipt of Notice of Non-Compliance with NYSE Trading Share Price Listing Rule
02 Outubro 2023 - 5:40PM
Business Wire
Sonendo, Inc. (NYSE: SONX) (“Sonendo” or the “Company”), a
leading dental technology company and developer of the GentleWave®
System, today announced that on September 28, 2023, it received
notice (the “Notice”) from the New York Stock Exchange (the “NYSE”)
that the Company is not in compliance with applicable price
criteria in the NYSE’s continued listing standard set forth in the
NYSE Listed Company Manual because the average closing price of the
Company’s common stock, par value $0.001 per share (the “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 common stock from the NYSE.
The Company intends to respond to the NYSE within 10 business
days of receipt of the Notice of its intent to cure the deficiency.
In accordance with NYSE rules, the Company has a period of six
months following the receipt of the Notice to regain compliance
with the minimum share price requirement. The Company may regain
compliance at any time within the six-month cure period if on the
last trading day of any calendar month during the cure 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.
Under the NYSE’s rules, if the Company determines that it will
cure the stock price deficiency by taking an action that will
require stockholder approval at its next annual meeting of
stockholders, 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 Stock 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. The receipt of the
Notice does not affect the Company’s business, operations or
reporting requirements with the Securities and Exchange
Commission.
About Sonendo
Sonendo is a commercial-stage medical technology company focused
on saving teeth from tooth decay, the most prevalent chronic
disease globally. Sonendo develops and manufactures the GentleWave®
System, an innovative technology platform designed to treat tooth
decay by cleaning and disinfecting the microscopic spaces within
teeth without the need to remove tooth structure. The system
utilizes a proprietary mechanism of action, which combines
procedure fluid optimization, broad-spectrum acoustic energy and
advanced fluid dynamics, to debride and disinfect deep regions of
the complex root canal system in a less invasive procedure that
preserves tooth structure. The clinical benefits of the GentleWave
System when compared to conventional methods of root canal therapy
include improved clinical outcomes, such as superior cleaning that
is independent of root canal complexity and tooth anatomy, high and
rapid rates of healing and minimal to no post-operative pain. In
addition, the GentleWave System can improve the workflow and
economics of dental practices. Sonendo is also the parent company
of TDO Software, the developer of widely used endodontic practice
management software solutions, designed to simplify practice
workflow. TDO Software integrates practice management, imaging,
referral reporting and CBCT imaging, and offers built-in
communication with the GentleWave System.
For more information on Sonendo, visit www.sonendo.com. For more
information on the GentleWave System, visit
www.gentlewave.com/doctor.
Forward-Looking Statements
This press release includes forward-looking statements
(statements which are not historical facts) within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, express or implied
forward-looking statements relating to the Company’s ability to
maintain the listing of its Common Stock on the NYSE and the
Company’s anticipated business and financial performance. You are
cautioned that such statements are not guarantees of future
performance and that our actual results may differ materially from
those set forth in the forward-looking statements. All of these
forward-looking statements are subject to risks and uncertainties
that may change at any time. Factors that could cause the Company’s
actual expectations to differ materially from these forward-looking
statements are described in detail in our registration statements,
reports and other filings with the Securities and Exchange
Commission, including the “Risk Factors” set forth in our Annual
Report on Form 10-K, as supplemented by our quarterly reports on
Form 10-Q. Such filings are available on our website or at
www.sec.gov. We undertake no obligation to publicly update or
revise forward-looking statements to reflect subsequent
developments, events, or circumstances, except as may be required
under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20231002239679/en/
Investor Contact: Greg Chodaczek Gilmartin Group
ir@sonendo.com
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