Intends to Request a Hearing Before NASDAQ Hearings Panel
LEWISVILLE, Texas--(BUSINESS WIRE)--
Consistent with its press release of February 5, 2014, Orthofix
International N.V. (NASDAQ:OFIX) ("Orthofix" or the "Company") today
confirmed that it received on February 11, 2014 an expected letter from
the Listing Qualifications Department of The NASDAQ Stock Market (the
"NASDAQ Staff") stating that unless the Company requests a hearing
before a NASDAQ Listing Qualifications Panel (a "Hearings Panel") by
February 18, 2014, the Company's common stock will be subject to
delisting based upon the Company's non-compliance with NASDAQ Listing
Rule 5250(c)(1). The NASDAQ Staff's determination letter was issued in
accordance with standard NASDAQ procedures due to the delayed filing of
the Company's Quarterly Reports on Form 10-Q for the fiscal quarters
ended June 30, 2013 and September 30, 2013 (collectively, "Delinquent
Reports"). The Company intends to request a hearing before a Hearings
Panel and also to request a stay of the Staff's delisting determination.
This hearing request will automatically stay the delisting of the
Company's common stock until at least March 5, 2014 and, if the Hearings
Panel grants Orthofix's request for a further stay (which is
discretionary on the part of the Hearings Panel and therefore not
assured), any final delisting (and suspension of trading) will be stayed
until further Hearings Panel proceedings. Under the NASDAQ rules, a
Hearings Panel has discretion to grant an additional extension, which
cannot exceed 360 calendar days from the original non-compliance date.
About Orthofix
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative orthopedic and
spine 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 statements regarding the additional time that may be
granted for the Company to regain compliance with the NASDAQ's Listing
Rules, any stay or extension that may be granted with respect to the
delisting of the Company's common stock, the Company's ability and time
required to regain compliance with NASDAQ rules, the timing of the
completion of the Company's restatement of financial statements,
Delinquent Filings, and additional periodic reports due to be filed with
the Securities and Exchange Commission in the future, as well how these
matters and the review being conducted by the Audit Committee of the
Company's Board of Directors 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
markquick@orthofix.com
Source: Orthofix International N.V.
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