HOUSTON, May 24, 2024
/PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the
"Company") (NASDAQ: NUTX), a physician-led, technology-enabled
integrated healthcare delivery system comprised of 21
state-of-the-art micro hospitals in nine states and primary
care-centric, risk-bearing physician networks, today announced that
it had had received a staff determination letter on May21,
2024 from the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq") notifying the Company that, due to the
Company's non-compliance with the minimum $1.00 bid price requirement set forth in Nasdaq
Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"), the
Company's Common Stock would be scheduled for delisting from The
Nasdaq Capital Market and would be suspended for trading at the
opening of business on May 30, 2024
unless the Company timely requests a hearing before an independent
Nasdaq Hearings Panel (the "Panel") by May
28, 2024.
On May 23, 2024, the Company
submitted a request for a hearing to appeal the Staff's delisting
determination. Also on May 23, 2024,
Nasdaq notified the Company that the delisting action has been
stayed, pending a final decision by the Panel. A hearing has been
scheduled for July 9, 2024. The
Company intends to provide its written submission by the expedited
review deadline of May 30, 2024.
Based on such submission, the Panel may determine that an oral
hearing is not necessary to grant the Company an exemption to gain
compliance with the Minimum Bid Price Requirement.
The Company's Board of Directors on April
24, 2024 approved a reverse stock split of its Common Stock
at a split ratio of between 1-for-2 and 1-for-16. Pending
approval at the Company's annual shareholder meeting on
June 17, 2024, the board expects to
authorize a reverse stock split at a ratio within such
range as soon as practicable after that date, with the intent to
regain compliance with the Nasdaq's Minimum Bid Price
Requirement. The Company may not regain compliance and may
not be able to obtain a favorable final decision from the Panel.
While the hearing process is pending, our Common Stock will
continue to trade on Nasdaq.
About Nutex Health Inc.
Headquartered in Houston, Texas
and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a
healthcare management and operations company with two divisions: a
Hospital Division and a Population Health Management Division.
The Hospital Division owns, develops and operates innovative
health care models, including micro-hospitals, specialty hospitals,
and hospital outpatient departments (HOPDs). This division owns and
operates 20 facilities in 8 states.
The Population Health Management division owns and operates
provider networks such as Independent Physician Associations
(IPAs). Through our Management Services Organization (MSO), we
provide management, administrative and other support services to
our affiliated hospitals and physician groups. Our
cloud-based proprietary technology platform aggregates clinical and
claims data across multiple settings, information systems and
sources to create a holistic view of patients and providers,
allowing us to deliver greater quality care more
efficiently.
Forward-Looking Statements
Certain statements and information included in this press
release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Act of 1995. When used in this
press release, the words or phrases "will", "will likely result,"
"expected to," "will continue," "anticipated," "estimate,"
"projected," "intend," "goal," or similar expressions are intended
to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks, known and unknown, and uncertainties,
many of which are beyond the control of the Company. Such
uncertainties and risks include, but are not limited to, our
ability to successfully execute our growth strategy, changes in
laws or regulations, including the interim final and final rules
implemented under the No Surprises Act, economic conditions,
dependence on management, dilution to stockholders, lack of
capital, the effects of rapid growth upon the Company and the
ability of management to effectively respond to the growth and
demand for products and services of the Company, newly developing
technologies, the Company's ability to compete, conflicts of
interest in related party transactions, regulatory matters,
protection of technology, lack of industry standards, the effects
of competition and the ability of the Company to obtain future
financing. An extensive list of factors that can affect future
results are discussed in the Annual Report on Form 10-K for the
year ended December 31, 2023
and its Current Report on Form 10-Q for
the periods ended March 31, 2024 under the
heading "Risk Factors" in Part I, Item IA thereof, and other
documents filed from time to time with the Securities and Exchange
Commission. Such factors could materially adversely affect the
Company's financial performance and could cause the Company's
actual results for future periods to differ materially from any
opinions or statements expressed within this press release.
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SOURCE Nutex Health, Inc.