Business Context and Reporting Period
This Form 8-K is filed by Ra Medical Systems, Inc. (not Catheter Precision, Inc.) on August 20, 2019. The report addresses a regulatory compliance issue regarding the company's listing on the New York Stock Exchange (NYSE).
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory status and reporting delays.
Material Changes and Events
- Delisting Notice: The NYSE notified the company of non-compliance with continued listing requirements (Section 802.01E) due to the failure to timely file the Form 10-Q for the quarter ended June 30, 2019.
- Reason for Delay: The filing delay is attributed to an ongoing investigation by the Audit Committee regarding an anonymous complaint received by the Board of Directors.
- Extension Status: The previous extension period under Rule 12b-25 expired on August 19, 2019.
Outlook, Risks, and Contingencies
- Compliance Deadline: The company has six months from August 19, 2019 (until February 19, 2020) to file the Form 10-Q to regain compliance.
- Future Extensions: If the Form 10-Q is not filed by the February 2020 deadline, the NYSE may, at its sole discretion, grant an additional six-month extension.
- Key Risks: Risks include the discovery of additional information during the investigation, delays in the Audit Committee's conclusions, and the potential inability to file the report in time to avoid delisting.
Investor Verification Checklist
- Verify the current status of the Audit Committee's investigation into the anonymous complaint.
- Monitor the filing date of the Form 10-Q for the quarter ended June 30, 2019, against the February 19, 2020 deadline.
- Review the attached press release (Exhibit 99.1) for additional details on the non-compliance notice.
- Confirm whether the company has elected to use the extended transition period for emerging growth companies.