Organogenesis Holdings Inc. Receives Positive Nasdaq Listing Determination
Class A Common Stock to Resume Trading on Nasdaq
CANTON, Mass., Jan. 7, 2019 /PRNewswire/ -- Organogenesis Holdings Inc. (the "Company") (Nasdaq: ORGO; ORGOW) today announced that on January 4, 2019, the Company was notified by The Nasdaq Stock Market LLC ("Nasdaq") that, based on the plan of compliance presented by the Company at its hearing, the Nasdaq Hearings Panel (the "Panel") has granted the Company's request for the continued listing of its Class A common stock on The Nasdaq Capital Market. Pursuant to the Panel's decision, on or before March 31, 2019, the Company is required to demonstrate to the satisfaction of Staff and the Panel that it has a minimum of 300 round lot shareholders of its Class A common stock and that it otherwise meets all applicable requirements for listing on Nasdaq.
In furtherance of the Panel's decision, the trading halt of the Company's Class A common stock, which was initiated on October 30, 2018, will be lifted upon the open of the market on January 8, 2019, at which time the Company's Class A common stock will resume trading on The Nasdaq Capital Market. The halt will be lifted notwithstanding the Company's non-compliance with the round lot shareholder requirement for initial listing of its common stock to allow the Company to execute its plan of compliance.
Although the Company is taking definitive steps to timely evidence compliance with the terms of the Panel's decision, there can be no assurance that it will be able to do so. In the event the Company is unable to demonstrate to the satisfaction of Staff and the Panel that it has a minimum of 300 round lot holders of its Class A common stock and that it otherwise meets all applicable requirements for listing on Nasdaq by March 31, 2019, the Company's Class A common stock would be subject to delisting. In addition, the Panel's decision is subject to "call for review" by the Nasdaq Listing and Hearing Review Council (the "Listing Council"), on its own motion, for a period of 45 calendar days from the date of the Panel's decision. In the event the Listing Council calls this matter for review, it may affirm, modify or reverse the decision of the Panel.
Because the Company does not expect to satisfy the 400 round lot holder requirement for its warrants in the near term, the Panel has determined to delist the warrants. As a result, the trading halt in the Company's warrants will be converted to a trading suspension effective at the open of the market on January 8, 2019, at which time the warrants are expected to be eligible to trade "over-the-counter" on the OTC Markets system under the trading symbol "ORGOW."
About Organogenesis Holdings Inc.
Organogenesis is a leading regenerative medicine company offering a portfolio of bioactive and acellular biomaterials products in advanced wound care and surgical biologics, including orthopedics and spine. Organogenesis's comprehensive portfolio is designed to treat a variety of patients with repair and regenerative needs. For more information, visit www.organogenesis.com.
The Company makes forward-looking statements in this report within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events. Forward-looking statements may be identified by the use of words such as "will," "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," "extend," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include statements relating to the Company's ability to demonstrate compliance with the 300 round lot shareholder requirement and other applicable listing standards and maintain compliance with all applicable Nasdaq listing rules. Forward looking statements with respect to the continued listing of the Company's Class A common stock are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward looking statements. These factors include, but are not limited to: (1) the Company's ability to successfully implement its plan of compliance to increase the number of round lot holders of its Class A common stock and otherwise maintain compliance with applicable Nasdaq listing standards; (2) the Company's ability to recognize the benefits of its recent business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (3) changes in applicable laws or regulations; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (5) other risks and uncertainties described in other documents filed or to be filed by the Company with the Securities and Exchange Commission. Although they may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Press and Media Inquiries:
Mike Piccinino, CFA
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SOURCE Organogenesis Inc.
Company Codes: NASDAQ-NMS:ORGO, OTC-BB:ORGOW