TransEnterix, Inc. Announces NYSE MKT Market Listing Plans and Reverse Stock Split
01 Abril 2014 - 3:15PM
Business Wire
TransEnterix, Inc. (OTCBB:TRXC), a medical device company that
is pioneering the use of flexible instruments and robotics to
improve minimally invasive surgery, today announced that it has
received authorization to list its common shares on the NYSE MKT.
In addition, its Board of Directors has approved a 1-for-5 reverse
split of its issued and outstanding shares of common stock, which
became effective on March 31, 2014. Trading of the Company’s common
shares will reflect the reverse stock split on April 2, 2014.
“The goal of seeking to list on a national exchange is the
potential for increased visibility and liquidity as well as access
to a larger group of investors and we are pleased to have received
NYSE MKT’s authorization today,” said Todd M. Pope, President and
Chief Executive Officer of TransEnterix. “We are undertaking the
reverse stock split as one step to satisfy the listing
requirements.”
TransEnterix’s authorization to list its common stock on the
NYSE MKT is subject to the completion of a public offering of
common shares and upon the Company meeting all relevant
quantitative and qualitative listing criteria of the NYSE MKT.
The reverse stock split will affect all shares of the Company`s
common stock outstanding immediately prior to the effective time of
the reverse stock split, as well as the number of shares of common
stock available for issuance under the Company`s equity incentive
plans. In addition, the reverse stock split will effect a reduction
in the number of shares of common stock issuable upon the exercise
of stock options or warrants outstanding immediately prior to the
effectiveness of the reverse stock split, with a proportional
increase in the exercise price. Concurrently with the effectiveness
of the reverse stock split, a “D” will be appended to the Company’s
trading symbol, TRXC, which will be removed after twenty business
days, or upon listing on the NYSE MKT, whichever occurs first.
About TransEnterix
TransEnterix is a medical device company that is pioneering the
use of flexible instruments and robotics to improve minimally
invasive surgery. The company is focused on the development and
commercialization of SurgiBot™, a minimally invasive surgical
robotic system that allows the surgeon to be patient-side within
the sterile field. For more information, visit the company's
website at www.transenterix.com.
Forward-Looking Statements
This press release includes statements relating to our listing
on the NYSE MKT. These statements and other statements regarding
our future plans and goals constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and are
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties that are often
difficult to predict, are beyond our control, and which may cause
results to differ materially from expectations. Factors that could
cause our results to differ materially from those described
include, but are not limited to, whether we can satisfy the
quantitative and qualitative criteria necessary to list on the NYSE
MKT, including the completion of a public offering, our ability to
complete the 1-for-5 reverse stock split, the successful trading of
our common stock post-split, whether we can complete a financing in
the first half of 2014 and whether we will be able to bring the
SurgiBot system to the market. For a discussion of the most
significant risks and uncertainties associated with TransEnterix's
business, please review our filings with the Securities and
Exchange Commission (SEC), including our Annual Report on Form 10-K
for the year ended December 31, 2013, and subsequent SEC reports.
You are cautioned not to place undue reliance on these forward
looking statements, which are based on our expectations as of the
date of this press release and speak only as of the date of this
press release. We undertake no obligation to publicly update or
revise any forward looking statement, whether as a result of new
information, future events or otherwise.
For TransEnterix, Inc.Westwicke PartnersMark Klausner,
443-213-0501transenterix@westwicke.com
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