Orthofix Provides Update Regarding NASDAQ Listing Matters
LEWISVILLE, Texas -- November 22, 2013
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 August16, 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 June30, 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
February10, 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.
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.
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
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