EXETER, NH–(COMMERCIAL THREAD)–Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Company”), a global medical technology company focused on the development and commercialization of its proprietary Vapotherm High Velocity Therapy® products, used to treat patients of all ages suffering from respiratory distress, announced today that it was notified (the “Notice”) on November 30, 2022 by the New York Stock Exchange, Inc. (the “NYSE”) that the Company fails to comply with the NYSE Continuous Listing Standard set forth in Section 802.01C of the NYSE Handbook of Publicly Traded Companies because the average closing price of the Company’s common stock has been less than $1.00 per share for a 30-day period consecutive negotiations.
As set forth in the Notice, as of November 29, 2022, the average closing price of the Company’s common stock over 30 trading days was $0.98 per share.
Pursuant to Section 802.01C, the Company has a period of six months from receipt of the Notice to regain compliance with the minimum share price requirement. In order to regain compliance, on the last trading day of any calendar month during the treatment period or the last business day of the six month treatment period, the Company’s common stock must demonstrate (i) a price of closing price of at least $1.00 per share; and (ii) an average closing price per share of at least $1.00 in the 30 trading day period ending on such date.
As of December 5, 2022, the closing price of the Company’s common stock was $1.62 per share, and the 30-day average closing price of the Company’s common stock was $1.01.
As previously disclosed in the Company’s current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on October 3, 2022 (the “Form 8-K dated October 3, 2022”), the Company received notice in September 27, 2022 that did not comply with the continuous listing standard set forth in Section 802.01B of the NYSE’s Listed Company Manual because the Company’s average global market capitalization for the prior 30 trading day period was less than $50 million and, at the time at the same time, the Company’s net worth was less than $50 million. The Company promptly submitted a plan to the NYSE on November 11, 2022 to remedy this deficiency, and this plan remains under review by the NYSE.
The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on the NYSE during the applicable Correction Period, subject to all other NYSE listing requirements. As previously disclosed on Form 8-K dated October 3, 2022, the Company’s common stock will continue to trade under the symbol “VAPO” with the added designation of “.BC” to indicate that the Company is not currently compliant with the NYSE standard. of quotation. The “.BC” indicator will be removed as the Company regains compliance with all continuous listing standards.
The NYSE notification does not affect the Company’s business operations or its SEC reporting requirements, nor does it conflict with or cause an event of default under any of the Company’s debt agreements.
Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and manufacturer of advanced respiratory technology headquartered in Exeter, New Hampshire, USA. The company develops innovative, comfortable and non-invasive technologies for respiratory support for patients with chronic or acute respiratory disorders. Over 3.6 million patients have been treated with the use of Vapotherm® High Speed Therapy Systems. For more information visit www.vapotherm.com.
Vapotherm High Velocity Therapy is a non-invasive maskless ventilatory support and is a first-line tool for the relief of respiratory distress, including hypercapnia, hypoxemia and dyspnea. Enables rapid and safe treatment of undifferentiated respiratory distress with a single instrument. The Precision Flow system’s maskless interface delivers optimally conditioned breathing gases, making it comfortable for patients and reducing the risks and care complexities associated with mask-based therapies. During treatment, patients can talk, eat, drink, and take oral medications.
Vapotherm regularly publishes important information for investors in the Investor Relations section of its website, http://investors.vapotherm.com/. Vapotherm intends to use this website as a means to disclose material, non-public information and to comply with Vapotherm’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of Vapotherm’s website, as well as follow Vapotherm’s press releases, SEC filings, public conference calls, presentations and webcasts. Information contained in or accessible via the Vapotherm website is not incorporated by reference herein and does not form a part thereof.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including its intent to regain compliance with the NYSE’s continuing listing standards. In some cases, you may identify forward-looking statements with terms such as “expect,” “plan,” “anticipate,” “may,” “would,” “intend,” “believe,” “estimate,” “foresee,” or ” continues” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words and use of future dates. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement Applicable risks and uncertainties include, but are not limited to the following: Vapotherm’s future financial performance and operating results; its need for additional funding; its ability to regain compliance with standards continuous listing on the NYSE; risks associated with moving its manufacturing operations to Mexico; its dependence on sales generated by its Preci systems sion Flow; competition from multinationals that have significantly more resources than Vapotherm and are more established in the respirator market; the ability of Precision Flow systems to gain greater market acceptance; Vapotherm’s inexperience in directly marketing and selling its products; the potential loss of one or more suppliers and dependency on its new third-party manufacturer; the susceptibility of Vapotherm to seasonal fluctuations; Vapotherm’s failure to comply with applicable US and foreign regulatory requirements; your failure to obtain U.S. Food and Drug Administration or other regulatory approval to market and sell future products or your failure to secure, maintain, or enforce any patent or other intellectual property protection for your products; the impact of the COVID-19 pandemic on its business, including its supply chain, and other risks and uncertainties included in the “Risk Factors” section of Vapotherm’s annual report on Form 10-K for the past fiscal year on December 31, 2021, as filed with the SEC on February 24, 2022 and Vapotherm’s most recent quarterly report on Form 10-Q for the quarter ended September 30, 2022, as filed with the SEC on November 2, 2022 and any subsequent filings at the SEC. The forward-looking statements contained in this press release reflect the views of Vapotherm as of today’s date, and Vapotherm does not assume and expressly disclaims any obligation to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. .