Ra Medical Systems, Inc., a medical device company focusing on commercializing excimer laser systems to treat vascular and dermatological diseases, has announced that it received a notice from the NYSE indicating that Ra Medical is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria established in Section 802.01E of the NYSE Listed Company Manual as a result of Ra Medical’s delay in filing its Quarterly Report on Form 10-Q for its quarter ended June 30, 2019 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”).
As previously disclosed, the Audit Committee of Ra Medical’s Board of Directors has commenced an independent investigation in connection with an anonymous complaint received by members of Ra Medical’s Board of Directors. The investigation is not yet completed and no conclusions with respect thereto have been reached. Ra Medical cannot predict the duration or outcome of the investigation, and consequently, Ra Medical is not in a position to file the Form 10-Q until the Audit Committee completes its work.
The NYSE informed Ra Medical that, under the NYSE’s rules, Ra Medical will have six months from August 19, 2019 to file the Form 10-Q with the SEC. Ra Medical can regain compliance with the NYSE’s continued listing requirements at any time prior to such date by filing the Form 10-Q with the SEC. If Ra Medical fails to file the Form 10-Q by February 19, 2020, the NYSE may grant, in its sole discretion, a further extension of up to six additional months for Ra Medical to regain compliance, depending on the specific circumstances.
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