Medovex Corporation Files Form 8K Affirmatively Stating Current Compliance With NASDAQ's Stockholders Equity Requirement
ATLANTA, GA--(Marketwired - February 27, 2017) - Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that on Friday, February 24, 2017, the Company filed a Form 8K with the Securities and Exchange Commission affirmatively stating its current compliance with NASDAQ's stockholder equity requirement.
From the 8K, "The Company affirmatively states that as of the date of this Current Report on Form 8-K, that it has stockholders' equity in excess of $2,500,000 based on the culmination of the aforementioned transactions."
On February 21, 2017, the Company provided the following corporate update.
On February 15th, 2017, the Company announced that it had successfully completed its final CE Mark audit meeting. The review of the Company's DenerveX™ System was conducted February 7-9, 2017 by LNE/GMED, a French-based Notified Body firm. This audit is required to demonstrate compliance with the regulatory requirements to achieve CE Mark approval.
On February 9, 2017, Medovex Corporation announced it had entered into a unit purchase agreement with selected accredited investors. Pursuant to the terms of the agreement, the Company sold an aggregate of 2,905,770 shares and 1,452,885 warrants for gross proceeds of $3,022,000. Each warrant has an initial exercise price of $1.50 per share, subject to adjustment, and is initially exercisable for a period of five years from the date of issuance. Certain officers and directors of Medovex participated in the financing.
In conjunction with the closing of the transaction, the Company's previously issued $1,150,000 of senior secured promissory notes has been converted to 165,864 shares of Common Stock and 9399 shares of Series A Preferred Stock and warrants on the same terms as the other investors. Each share of Series A Preferred Stock is convertible into 100 shares of common stock and effectively has the same price of $1.04 per share of Common Stock.
In addition to the recent financing transaction, in a transaction filed with the SEC on a Form 8k on December 6, 2016, insiders Jesse Crowne, Steve Gorlin and a third party, completed the purchase of 571,429 shares of the Company's common stock at above then market pricing of $1.75 per share, such that the Company received an aggregate of $1,000,000.
On January 3, 2017, the Company announced it had successfully received certification of compliance for its DenerveX System from SGS S.A., a Swiss based multinational testing and certification firm. Compliance testing included electrical safety testing for US, Canada and the European Union.
Prior to that on November 3, 2016, the Company announced that it held a successful cadaver lab during NASS 2016. Medical advisory board members Martin Deeg, MD from Stuttgart, Germany, Vik Kapoor, MD from Manchester, England, as well as Gabriel Davila, MD from Colombia, Latin America, highlighted the DenerveX System. Thirty spine surgeons from Europe and Latin America attended the lab, both experiencing and using the device.
The DenerveX System consists of the DenerveX device, a single use medical device and the DenerveX Pro-40 Power Generator. DenerveX system is not yet CE marked or FDA cleared and is not yet commercially available.
About Medovex
Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The Company's first pipeline product, the DenerveX device, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about Medovex Corp., visit www.medovex.com
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.