SEC Filing Summary: Ra Medical Systems, Inc. (RMED)
Business Context and Reporting Period
This Form 8-K was filed by Ra Medical Systems, Inc. on May 21, 2020. The registrant is a Delaware corporation with principal executive offices in Carlsbad, California. The filing addresses a regulatory notice received from the New York Stock Exchange (NYSE) regarding the company's compliance with continued listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the status of the company's stock listing and share price performance.
Material Changes and Listing Status
On May 21, 2020, the Company received written notice from the NYSE indicating non-compliance with Section 802.01C of the Listed Company Manual. The specific deficiency is the failure to maintain an average closing share price of at least $1.00 over a consecutive 30-trading-day period. Consequently, the Company's common stock will trade with a ".BC" designation to indicate "below compliance" status. The stock will continue to trade on the NYSE under the symbol "RMED" during the cure period.
Outlook, Management Commentary, and Risks
- Cure Period: The Company has a six-month period to regain compliance. Due to the COVID-19 pandemic, the NYSE is tolling compliance periods until at least June 30, 2020. If not extended, the deadline to regain compliance is December 31, 2020.
- Compliance Requirements: To regain compliance, the Company must achieve a closing price of at least $1.00 per share and an average closing price of at least $1.00 per share over the 30-trading-day period ending on the last trading day of any calendar month during the cure period.
- Risk of Delisting: If the Company fails to regain compliance, the NYSE will initiate procedures to suspend and delist the common stock.
- Management Action: Management intends to monitor the closing price and consider implementing available options to regain compliance.
Investor Verification Checklist
- Verify the current trading price and 30-day average closing price of RMED stock.
- Confirm the presence of the ".BC" trading symbol on the NYSE.
- Review the attached press release (Exhibit 99.1) for details on potential corporate actions to address the share price deficiency.
- Monitor future filings for updates on the cure period status or potential delisting proceedings.