LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V. (NASDAQ:OFIX) (the "Company") today provided
an update regarding the status of its compliance with the Listing Rules
of the NASDAQ Stock Market ("NASDAQ").
As previously disclosed, on August 16, 2013, the Company received a
notification from NASDAQ stating that the Company was no longer in
compliance with NASDAQ Listing Rule 5250(c)(1) because it did not timely
file with the Securities and Exchange Commission its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2013. The Company subsequently
submitted to the staff of the listing qualifications department of
NASDAQ (the "NASDAQ Staff"), pursuant to the NASDAQ Staff's request as
set forth in the notification, a plan to regain compliance with NASDAQ's
continued listing requirements. The NASDAQ Staff has discretion to grant
up to 180 calendar days (i.e., to February 10, 2014) from the original
non-compliance date for the Company to regain compliance. A 180 calendar
day extension is the maximum discretionary period the NASDAQ Staff may
grant without requiring further proceedings involving a NASDAQ hearings
panel.
On November 18, 2013, the Company received a supplemental notice from
NASDAQ stating that (i) the Company's compliance plan remains under
review by the NASDAQ Staff, and (ii) the Company is also out of
compliance with NASDAQ Listing Rule 5250(c)(1) because it has not timely
filed its Quarterly Report on Form 10-Q for the quarter ended September
30, 2013. The supplemental notice further requests that the Company
provide the NASDAQ Staff with an update to its compliance plan by
December 4, 2013. The Company intends to provide the requested update to
the NASDAQ Staff by such date.
About Orthofix:
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative orthopedic
solutions that drive value for patients, surgeons, and providers.
Orthofix's products are widely distributed around the world to surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
and via collaborations with other leading orthopedic product companies.
In addition, Orthofix is collaborating on R&D activities with leading
research and clinical organizations such as the Musculoskeletal
Transplant Foundation and Texas Scottish Rite Hospital for Children. For
more information about Orthofix, please visit www.orthofix.com.
Forward-Looking Statements:
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management's current expectations and estimates and involve risks and
uncertainties that could cause actual results or outcomes to differ
materially from those contemplated by the forward-looking statements.
The forward-looking statements in this release do not constitute
guarantees or promises of future performance. Factors that could cause
or contribute to such differences may include, but are not limited to,
risks relating to the uncertain results and timing of our audit
committee's review of certain accounting matters, our inability to
timely file our quarterly report on Form 10-Q for the fiscal quarters
ended June 30, 2013 and September 30, 2013 (including our filing of a
Form 12b-25 (Notification of Late Filing) with the SEC with respect to
such fiscal quarters), and our intent to file restated financial
statements for certain periods, as well how these matters may impact our
expenses, liquidity, legal liability, borrowing ability, product sales,
relationships with customers, suppliers, strategic partners and third
party reimbursement providers, ongoing compliance obligations under our
corporate integrity agreement with the Office of Inspector General of
the Department of Health and Human Services, deferred prosecution
agreement with the U.S. Department of Justice and consent decree with
the SEC, ability to remain in compliance with covenants and other
obligations under our senior secured credit agreement, the cost and
nature of our insurance coverage, continued listing of our securities on
the Nasdaq Stock Market, and other factors described in our annual
report on Form 10-K for the fiscal year ended December 31, 2012 and
other subsequent periodic reports filed by the Company with the SEC.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. The Company undertakes no obligation to update or revise
the information contained in this press release.
Orthofix International N.V.
Mark Quick, 214-937-2924
Director
of Investor Relations and BioStim Finance
markquick@orthofix.com
Source: Orthofix International N.V.
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